Huh? The 500K shares shorted were loaned out when this pig peaked at $5.50. The shorts then sold it down to the current levels and have been covering (buying) to return the shares to the broker. Thus, the drop in SI. The issue now is that the risk a squeeze as the sellers dried up and VRNM usually has a strong start to the year. I’m not sure how many shares are still short but if I needed to cover I would be getting a little nervous. All your volume right now is them chipping away at the ask to cover because they know it too. A little news could force the cover and the new buying pulling this POS to a quick double.
SI is dropping fast!
One can conclude the opportunity for the shorts to cash in when VRNM goes bankrupt is gone, so now is a good time to cover. Share price is rising hence at this point no one is willing to sell... They have to be very cautious not to get this share price through the ceiling, that's why there is so little volume. Can you imagine the explosion when the news will come out and they all have to cover!