SHORTY - Take notice... The shares aren't frozen. There's no electricity in the freezer now. A major thaw is in effect.
"Penny Stock Shorting for Dummies: if you are short a penny stock that is going up, there comes a point when financial pain cause you to become fearful to keep holding the position. What you may end up with is an emotional trauma of holding a big loser and cost you more than you bargained for. A once pessimistic seller now becomes a panicky buyer like a father looking for a toy out-of-stock on Christmas Eve for his kid. It is this buying frenzy that makes the penny stock advance at a furious pace."
In the ones I have played in the past 2-5 days, depending on how fast the new certs get to your broker. When V/Mark did this in their promo, my broker would have allowed me to sell my old shares, but if the new shares were not coming forthwith, I would technically be short and forced to cover. But a call to your broker should resolve your question