There is precedent. In 2008 the mother of all squeezes occured in VW stock .
A everyone was convinced that the float was 45% of the OS. Out of nowhere Porsche disclosed that it had a up its stake dramatically.
The float basically was reduced to about 1-2% of the outstanding shares. That combined with a 12.5% short interest created a scenario that the short to float ration was 1200% percent.