XpresSpa Group Inc (XSPA)

[coolerheadsprevail]

I personally have never shorted a stock. And although I understand the basic premise of shorting, I certainly would not consider myself uber-knowledgeable on the subject. As such, I have what I am sure is a simple question if you don't mind:

How do shorts "hold" any shares of a stock (let alone millions)? Isn't the basic premise of shorting such that shorts open their short position by borrowing stock to sell at the current sp, and they are betting that the sp will go down, at which time they will purchase shares on the open market to return to the party from whom they borrowed originally?

If so, then at what point do shorts actually "hold" any shares?

TIA...