Insane. When news come out this may go above 10$. Shorts got fried on Kodak. I was laughing so hard the entire day. 2$ to 40 in one day lololololol die short die
I would not be surprised to see it reduced as well. But it isn’t really surprising. When JCP got knocked down to the OTC, the stock was no longer marginable...and it could trade at this level for a long time before the equity is cancelled. Both of those issues make maintaining an open short position expensive, so it is hardly surprising to see the short interest dropping. OTC stocks rarely have such large open short interest for exactly the reasons I state above.
And when that short interest is gone there will be no more buying pressure from it.
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