Yea, and there was a 93% decrease the 2-weeks prior.
If you are all worked up about 350,000 shorts in a company with 1.4 Billion shares you have your concerns located improperly.
BTW...if they needed the PPS for the merger you are in trouble. First, that means the company has nothing to offer. Second, if the PPS is higher, that means the company is paying a premium 9your investment) to buy back shares sold much cheaper.