Why this matters — Three critical ORTEX data streams converged on PAPL within 24 hours. Short interest exploded 1,653% overnight, cost to borrow surged past 300%, and utilisation hit a 52-week high.
Short interest detonated from 42,141 shares to 738,710 shares in a single session. That rocketed SI % of float from 3.1% to 54.9%. The move reversed a sharp week-earlier decline of 52%.
Cost to borrow spiked to 319% APR on April 23. That represents a 358% jump over seven days. Borrowing shares became dramatically more expensive as demand overwhelmed supply.
Utilisation leapt from 12.69% to 95.29% in one day. The figure marks a new 52-week peak. Nearly all available borrow inventory has been exhausted.
ORTEX's short score climbed to 67.5 on April 23, up from 44.0 the prior day. The metric ranks PAPL at the 26th percentile for short-score intensity. Insider activity showed modest net buying over 90 days — COO Kendall Marin purchased 304,300 shares worth roughly $29,600 through mid-July 2025. Injective Labs holds 36.9% of shares outstanding as of December 2025.
A month ago PAPL carried 430,735 shares short. The position then collapsed 88% to just 42,141 shares by April 22. The overnight reversal suggests fresh bearish conviction — or a liquidity squeeze driving forced covering.
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