Why this matters — Three distinct ORTEX data signals have converged simultaneously on AGCC (Agencia Comercial Spirits Ltd). Short interest has collapsed 73% in a week, yet borrow utilization remains near maximum and cost to borrow exceeds 330% — a rare and contradictory combination.
Short interest collapses. SI % of Float fell to just 0.19% as of April 24. That is a 73% drop in one week and a 69% drop over the past month. Shares short stand at ~36,970, down from roughly 138,000 in mid-April. The speed of the unwind is striking.
Borrow cost stays extreme. Despite short sellers exiting, the cost to borrow sits at 331% APR. That is up 301% versus one month ago, when CTB was around 43%. Borrowing this stock remains extraordinarily expensive regardless of the position reduction.
Utilization near max. Borrow utilization is 97.38% — just below the 52-week high of 100%. Nearly all available shares to lend are still committed. This means the remaining short base is fully deployed into a severely constrained lending pool.
The price action reinforces the short-exit narrative. AGCC stock gained 17% over the past week and 47% over the past month. Citadel Advisors and Geode Capital Management both initiated new positions in Q4 2025 — 50,516 and 11,730 shares respectively — according to the latest institutional filings. Ping Shiang Business Ltd holds 72.95% of shares, leaving a very thin tradeable float. That concentration amplifies borrow scarcity even as short positions fall.
The data shows a comparable short-exit episode in mid-March 2026. Shares short dropped from ~119,000 to ~25,000 between March 19 and March 18 — a near-identical single-day collapse. CTB at that point was below 50%. The current episode features the same mass exit but into a borrow cost environment more than six times higher.
See the live data behind this article on ORTEX.
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