You guys own 114% of this tiny float. Why would you not just buy more with 32% Short? That is what any other stock does with 32% short. Especially with small float like this has. You could drive it to $100 before you sell, EASILY!
You really have no idea how institutions trade do you? Most of those short plays are hedges not a new strategy. If they cover they expose themselves to any downward risk. They will not cover unless they decide to reduce shares held or until they feel much safer about their positions. 1 day off the lows is not safe.