BNB Plus Corp. enters its May 19 earnings report on a sharp slide — down 24% over the past month and off 9% on the week to $0.44 — but the most striking story is not the price decline. It is how quickly bears have retreated.
Short interest peaked at over 1.4 million shares in late April, representing a brief but aggressive build. Since then, the position has collapsed more than 80% in a single week. At 75,000 shares — roughly 5.8% of the float, though the ORTEX estimate suggests a tighter SI % FF near 1.4% on a free-float adjusted basis — the short book has largely been unwound heading into the print. Days to cover is a mere 0.22, which means remaining shorts face virtually no exit risk if the stock moves against them.
The borrow market tells a more complicated story. Cost to borrow is running near 84% annualised — a punishingly expensive rate for a micro-cap stock. That level has been sustained for weeks and briefly touched 123% in late April, which coincides with when short interest was near its peak. Today, with so few shares actually borrowed, the combination of high CTB and dwindling short interest suggests the aggressive shorts have already closed their trades, leaving only a residual position at elevated borrow cost. Availability remains loose at nearly 1,950% of outstanding short interest, meaning there is ample supply in the lending pool for any new entrants — the constraint is cost, not access.
Historical reactions to BNBX earnings have been consistently negative. The last four prints each produced a negative 1-day return, with the most recent April 28 release delivering a 3.5% drop on the day and a 5.6% decline over the following five sessions. The December 2025 report stands out — the stock fell 8.2% on the day and shed another 12.4% over the following week. There is no analyst coverage to frame expectations, and institutional ownership is sparse, with Silvermine Capital Advisors holding 10.6% of shares as the only holder of note.
The RSI-14 has dropped to 34, approaching oversold territory, while the ORTEX short score has decelerated meaningfully from 66 on May 5 to 44 today as the short interest unwind gathered pace. May 19's print will test whether the withdrawal of short sellers reflects genuine confidence in an improving fundamental picture — or simply the removal of a trade that ran its course.
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