Ceres, Inc (CERE)

[STOCK_MOMO]

I think in anticipation of the 8 million offering they naked shorted millions of shares. I don't believe it is only 460k shorted because of the 15.6 million trade day. With a float under 5 million and 15.6 million in volume that day in May we would have seen a much bigger price climb if there wasn't any naked shorting.
If I was the company I would suspend that 8 million offering and look for a non diluting financing option which would cause the shorts to cover.