Some thoughts from an amateur:
Seeing the market cap of the stock has reduced from $5.00 to $3.50 over the last 3 months (-30%), wouldn't the large passive ETFs then also need to reweight and adjust holdings accordingly. They would do this monthly or quarterly.
Haven't been through the specific numbers but if say ~15% of the stock is held buy these funds rebalancing, that would bring out 30% x 15% = 5% of shares to be sold. So that's a big chunk of the short interest that can be unwound without driving prices up.
It would be better if the passive ETF's added back in the short position % when determining how to rebalance their portfolios to stop shorters taking advantage of them. Or maybe they already do... I don't know.
Pls shorted, page-775
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