Maybe the lender, instead of stupidly being stuck with 500K shares about to head south on the reverse split (RS) train decided to go short, use those shares as collateral, cover after everbody else piles on to the short play (big volume). Eventually the feeding frenzy ends and the share price rebounds so lender banks the profit.
These are the ways the rich get richer. There was no upside risk in putting this short on.
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