Great question. I'm really just speculating, but it appears whoever it is, is continuing to short. Although I feel like it's tapered off some.
I am surprised they haven't started covering after the SPA announcement. It seems strange.
The only other thing I can think of, is some entity is shorting this thing into oblivion to force Dan to make a deal, and/or get acquired. I think it's pretty unlikely though.
All IMHO. Who actually knows.