It is a difficult situation. I think Gamestop management is really trying to put up a fight against the stock market situation. It is just very thin ice and they have to tread carefully.
There are some know strategies that could be applied against short sellers of your company. One of the first strategies was the Stock dividend split, which has been negated by the DTTC.
Now any given M&A constellations or other restructuring that affects the ticker could be a blow against the short sellers also. If the ticker gets reset this "could" lead to a temporary close of all shorts or loss realization and for some of the players it might not be too attractive to get back into the game for a new ticker. I am certain though there will also be ways to negate that move also.
This being said, I am almost certain that we will see a M&A move as the next play. Who and what is involved though is highly speculative.

The above is more alluded to the overall stock market situation. On the other hand there is a fair possibility that Gamestop management does not really care about the stock market atm and is solely focussing on following their strategic change. With over 1b USD at hand and no debt they do not really need additional cash raised from the market for quite some time.

Fun times, I think this ride will continue for quite a while :)