After discussing this with a large shareholder whose opinion I respect and often seek, I think the share price should move at least into the $0.70s tomorrow and perhaps as high as the $0.80s. The latter price level is where the stock resided in late-spring and early-summer.
We should see short covering specifically related to the driving down of the share price in anticipation of an at market conversion ratio for the "IPO." I do not think short interest is as high as many folks think when adjusted for historical shorts positons related to market makers and a temporary or structural short in September that should go away in October. Short interest related to the "IPO" likely is in the 500K to 1MM share range.
There also may be some sellers remorse (i.e., those who sold because of the share decline might buy back some or all of their holdings).
There's got to be a morning after
If we can hold on through the night
We have a chance to find the sunshine
Let's keep on lookin' for the light
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