1. 95% of the estimated 18 million shorts happened before any merger announcement. Once stuck short their only hope is to keep the stock from going up thus they short more hoping they get some back during tax selling season... Fat chance! 2. You statement about 18 million shares not holding up says nothing. Just idle words. 3. The "Official" short report it is only the shorts reported by the DTCC. Does not include naked, miss marked trades or hidden shorts. 4. Whether you believe in naked shorts or not means nothing. 5. Why doesn't "the surely to come refinancing and test resumption", as you so state, cause the SP to move up now since it is surely to come. Why would anyone wait until the price gets higher? Once again... The only way the stock moves up is because of short covering at this point in time. In the future when the product is on the market and profits are being generated then that will move the stock.