Hmm I don't know if I buy it... Those flippers had a very small window before the stock dove under the offering price and cancelled out any profit. I'd have to review but I don't think there was enough volume during that window for the majority of the 10M to get dumped for profit. If that's the case they're selling for a loss which brings us back to "so who's buying it all?"
I'm of the opinion that the impact of flippers is overstated here. I think the collapse velocity, weak bounces, and threat of continued collapse would scare most away.
Also if the shorts are in total control and are waiting for dilution this fall at $1, why bother covering now? Something doesn't add up. It reeks a bit of hostile takeover but I'm really not familiar with how that usually goes, and specifically what role market makers have in that activity.