The concept is quite easy to understand so If you are willing to follow the bouncing ball I will tell the world why I will not raise the bid at this time.
Let's say I were to put in a bid for the $12.00 as you asked of me. You did not say you would do it yourself but you said I should. OK so I put in a bid for $12.00. for 100 shares and it shows on the level 2 as is prescribed by law with this stupid 200 to 1 reverse split. Here is exactly what would happen at this point in time. Shorty would give me 100 shorted shares and the last price would be lower and we would have a stock that is going down. You know what happens to a stock that is going down. For now I have $1200.00 less and shorty spends nothing. He will spend when the time comes. He will pay thru the nose when he wakes up and sees where he is.
Having said all that I got this really great idea. You go sell ice cream and save your money. When you get enough put in a bid for $12.00. Please don't sell all the tutti fruity off the truck and save me one.

You can not believe how many bids are out there right now. $12.00 to $16.00 and no fills. They do not show because they are less than 100 shares. We are in stealth node.