There was no need to cover. If someone has been short here, then the intention must have been to drive the stock lower so that millions more collateral shares have to be issued.
But it hasn't played out that way. Share count is still 33,184,250 as of today which considering the circumstances could have been a lot worse.
That's why the March 31 was a key date, when loan 1 matured. A $4.7M loan.