Quote:
After the market closed on Tuesday, Remark filed an 8k with more information on the name change, including an announcement of a change to the stock’s cusip number. Changing the stock cusip number results in each share with the old cusip number having to be exchanged for a share with the new cusip number, which causes each short position to have to prove the borrow. Naked short positions would be unable to comply and those positions could have to be covered by purchasing shares with the new cusip on the open market.

https://groovevc.wordpress.com/2017/04/12/is-...t-squeeze/

Here's a conversation of someone with the CUSIP Service Bureau.

Quote:
If there is NO DILUTION, a covering of the naked shorted positions should take place due to what's revealed during the accountability process between the DTC after getting the "new inventory" of shares from the CUSIP Service Bureau if there is not only a CUSIP# change, but a name change too.

Because of the CUSIP # change, the MMs will be required to account for each of the old shares with the new shares. Because of the name change, it's important because it forces the DTC to play a more finite role by not only accounting for the old shares to equal the new shares electronically, but forces them to match a "new inventory" of shares that have been given to them from the CUSIP Service Bureau as the new official/approved inventory by way of the shares given from the company/TA.

https://investorshangout.com/post/view?id=5145306

Total volume after the change (+3 days) was ~1.625M shares, which indicated the covering was mostly by legal shorts since legal short interest was ~1.2M shares at that time. It also indicated that illegal short positions were insignificant. Total volume didn't spike to 10M+ shares like AMBS did after their change. IPIX, with legal advice from Michael Sullivan, wasn't the only company who used this method to expose illegal shorts. CHMR was another.

Quote:
HOUSTON, TX--(Marketwire - Oct 11, 2012) - Chimera Energy Corp. (OTCBB: CHMR) announced today that its new Chairman and CEO, Baldemar Rios, has recommended that the Company immediately determine the most expeditious corporate action that would cause a change in the Company's CUSIP number. The Company consulted several OTC market experts who suggested that a change in the CUSIP number was the only way to combat what has been frequently acknowledged to be an unabashed, manipulative "naked shorting" campaign against CHMR .

http://www.marketwired.com/press-release/chim...712244.htm