A single session transformed the lending market for YMAT. Short shares jumped 673% in one day. The cost to borrow followed — hard.
On May 8, borrowed shares in J-Star Holding Co., Ltd. jumped from roughly 24,500 to 189,383 — a 673% single-session spike. That demand wave hit a small pool of available shares. Availability collapsed. Nearly every share in the lending pool is now lent out, with availability near zero — the tightest the borrow market has been in at least a year, matching the 52-week high of 100% utilization.
The cost to borrow reflects the squeeze. CTB hit 252.4% APR on May 8, up from 49.2% just one day earlier. That's a 213% jump in a single week. Borrowing these shares now costs more than twice the stock's notional value per year in fees alone.
The stock isn't standing still. YMAT closed at $0.5069 on May 8 — up 111% in a single day. The one-week gain sits at 91%. This price action preceded the borrow surge, suggesting the short demand spike is reactive — sellers scrambling to position after the move, not ahead of it.
Short shares at ~189,000 remain small in absolute terms. Float percentage data is unavailable for this name, which limits direct context on squeeze severity. But the velocity of the move — from ~22,500 shares short a month ago to nearly 190,000 now — is notable regardless of float size.
An earnings event is confirmed for May 14. That's three trading days away. The prior two earnings prints produced muted moves: +3.9% on the day in April 2026, and -0.5% in December 2025. Neither was a dramatic swing.
The combination of compressed availability, a tripled cost to borrow, and a looming event date concentrates risk for anyone holding a short position through the announcement. CTB accrues daily. With availability near zero, exiting a borrow — or adding to one — is materially more difficult than it was 48 hours ago.
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