Why would shorts cover now when they can wait till AVZ relists at a much lower price and make huge profits, the cost of loaned shares is nothing compared to there future pay day (I'd imagine). Lithium price and ASX stocks have all dropped markedly since AVZ was removed from official quotation and plenty are at risk of losing homes with rising interest rates and rise of living costs hence destressed sellers will be lining up come relisting should it eventuate.
Trying to be realistic here there are some who have never lost big on a stock before, it really happens and if you are in the market long enough and unlucky (like me) you will get burnt multiple times ASX is full of sharks investors and on boards.
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