Compare the short interest with the pricing action over that period. 2.30 to 2.10 mostly.
Hedge funds/Broker shorts are shaking the trees to cover before the PEA release.
I would think that most 2.50 put sellers would take delivery.
A buyout over $10 during 2013 would be over a 300% profit.
Why would fund longs sell this stock now?
Gross value per share over $100
Discounted value over $10 (personally I believe more like $18+ )
Imagine trying to cover with a "real uptick rule" using the prior day's close.
Heck, they would have never been able to short this below 4 in the first place.
Read about the need for uptick rule SEC 1938 ruling.