So far more than 1.2m shares have traded, and there are tons of shares sitting on bid. Looks like the company is finally hitting the shorts back. Consider it still has more than $67m in its wallet, shorts will have any luck maintaining the shares below $4.
The issue is that the Market does not seem to trust whatever NQ says. NQ needs to close some deals before the Markets treat it seriously. In fact, if it can really sell FL to Qinghua then NQ will be at $10 easily.