Yes there is. At current prices it would be a disaster and Ryan Cohen and his 2 other mates on the board would likely block that. If share price hits $100 would make more sense. In effect GameStop would save the shorts who wanted the company to die in the first place.

Also, for this to stop the short squeeze the company would need to issue 30% of their float and then the shorts would still need to find another 100% of float to cover fully. The shorting emperors are left without clothes any way you cut it.