Open Interest _October 2 Calls Over 31,500 Contracts
That hedges 3,150,000 shares. After next Friday's expiration, there are only limited ways to hedge a short position (by playing long short strategies for these shares). Pink sheet stocks that have existing options only permit traders to close positions, not open new positions. That's why they've been relentless in pushing the share price down. They can do it when volume is light, but yesterday volume showed that they're running out of ammo. The move up will be sharp and sudden (even in the absence of any fundamental news). Shorts will come to their senses and realize that it's more important to preserve their profits than to let their egos take over.