Why this matters — Three distinct ORTEX data signals have converged on CREG (Smart Powerr Corp.) within days. Short interest, cost to borrow, and utilisation have all moved sharply and simultaneously, creating an unusual combination of signals.
Short interest collapse. SI % FF fell 35% over the past week to 9.6% of free float as of April 24. That compares to a recent peak above 13% on April 16. Over the past month, however, short interest is still up 49% — underscoring just how volatile positioning has been. The drop in short interest coincides with a 277% price surge over the past month.
Cost to borrow surges. CTB hit 699% on April 24. That is up 532% over the past month. In mid-March, the rate sat at just 26%. The relentless climb reflects a near-complete squeeze on available borrow supply as short sellers compete for a dwindling pool of lendable shares.
Utilisation near maximum. Utilisation reached 98.44% on April 24 — just below the 52-week high of 99.31% set on April 21. Nearly all available shares to borrow are already on loan. This leaves little room for new short positions to be established.
ORTEX factor scores reinforce the picture. CREG ranks in the 2nd percentile for utilisation and 3rd percentile for short score — extreme readings that place it among the most constrained borrow situations in the market. The ORTEX Short Score stands at 72.8, consistent with sustained short-side pressure. Citadel Advisors disclosed a new position of 75,451 shares as of December 31, 2025 — a fresh institutional entry worth noting against the backdrop of elevated short activity.
The borrow cost history is striking. CTB was 26% as recently as March 12. It crossed 100% by April 1 and has not looked back. The speed of that move — from normal to extreme in under six weeks — mirrors the pattern seen when a heavily shorted small-cap encounters sustained buying pressure with a fixed, thin borrow pool.
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