Thats the best explanation we have now and I agree. It looks set up, look how tight the range is. And neither of them attacks over the threshold, thats noteworthy too.
Ofc the question is how many shares is the dilution hitting the market. And the other - who is the buyer, since we talk about millions of USD. And I hardly doubt its some fund at this point. One far strechted theory could be that its EC with the fee money but hard to say.