There won’t be a short squeeze; the market understands that the EMA is a slow agency. It will take at least one year, possibly two to three years, for an approval decision. Misleadingly, he has chosen this agency knowing how slow it is, which aligns with his kick-the-can strategy.
Other than a buyout or an unexpected, large partnership there will be no genuine squeeze. They will give up rapidly only if forced. A slow squeeze is far more likely, and would happen if/when every time they try to short shares back and forth to each other at declining prices their quotes get intercepted by institutions accumulating. The manipulated downtrend would be broken and the mm's will stop dealing from a net short position. Too expensive.
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