Shorts will slowly begin to cover in the days to come. With the $400M raise, NIHD will buy time to right the ship. Shorts know this and recognize there is no huge downside left in NIHD. Slowly, 48M shares will be bought back. There is little downside left for NIHD.
Shares may trade flat until the $400M debt deal is closed, then should slowly trend higher as short covering takes hold. Then, when a tower deal is struck, providing more liquidity and resources for NIHD to improve fundamentals, NIHD may beging to move higher in a sustained way.