One kind and knowledgeable soul on the board filled me in that my calculations don't reflect what is happening with the shorts.

The shorts were reduced by hedge fund(s) who participated in the latest pp, and who then shorted the stock (having assured ECU that they would not). They then used the shares from the pp to cover the shorted shares, and thus they wouldn't have had to buy them on the open market.

Sell at $0.73, cover at $0.60. Not bad if you can get it.

Since we don't know how many shares the got in the pp, we don't know if they are done with their games.