For me, it is simple. No one has made a profit on any of the shares currently being sold — unless they bought early and held through $10 (and such investors would not become sellers at this price). There may be some disappointed investors who bought the promise of 13d. But they would likely be sophisticated enough not sell for what must now be a 50%+ loss ahead of obvious catalysts.

So who are the sellers? My only conclusion is that there aren’t any to speak of. Maybe this is wishful thinking. But I believe most of the volume is just being flipped back and forth among short sellers (which is also why short interest isn’t increasing despite the huge short volume).

If this is true (and I can’t think of another explanation), then the current share price is a sort of door crasher special, which cannot be sustained in the face of real buyers. As soon as any buying interest develops, the price must immediately revert to a level that will incentivize real sellers to appear. That will be the inflection point.