No, it indicates a high degree of desperation on the part of institutional holders. At uplist institutions had a negligible amount of stock in this company. Organic uplists are uncommon and institutions finance and hold a lot of stock at uplist.
The bottom line for me is that the high level of shorting indicates a great degree of skepticism in the market, and if the company proves the skeptics wrong the stock could go up quickly as shorts cover..basic stuff...