o.k., looking at the volume,
it seems there was adequate volume to move the preponderance of the placement in the preceding week or so. From the whisperwire and over the years there is evidence that existing Wavoids are among the participants in placements. In that case a short-against-the-box effort is not required, one simply sells from inventory at prices near or above the placement price to net out to zero change in position with warrants in the back pocket.
Perhaps there is some hangover as well, and then it is just a matter of what one accepts for the price for the 5 year option with a 1.90 strike (the warrants).
The price has seemed rather inelastic in the mid 1.6s, perhaps this represents unwinding of of placement shares at a modest loss for those who do not maintain an inventory of WAVX shares to predispose.
so far the short term effects are comparatively neutral re: WAVX total mcap. The company was valued at around 75m on the 20SMA before the placement, it is value at about 75m after the placement, a near 1:1 correspondence to the dilution amount occurred.
The above content is my opinion.