These are not plain naked shorts. These shorts have (my guess but based on knowledge with financings) borrowed the shares until the restriction on their "new" shares (from the financing) is lifted. So they don't have to cover because they are not really short. Their shares are just restricted. Wait for the new share structure. Then you will understand what I mean.
I believe the PPS big moves and high volume was just a matter of investors buying and selling. Too many sellers and the PPS drops. JMHO GLTY GO TCPS to .01+.