Because the share certificates have to be reissued and distributed by the TA, and when there not enough certificates to go around the MMs will have to go and buy shares from the open market. And then comes the mother of all short squeezes.
Quite simply, the TA will have only ~3MM certificates, and when NITE asks for, say, 5MM, the TA will say 'sorry, you get only 3MM from me'. Then NITE must buy shares from the open market with 7 to 10 business days, I think. We will see...