Warrant holder is likely shorting like crazy because he can't lose. When are the warrants done?
the warrants are at $1.90 and do not in any way embolden the holder to short down here.
Whoever is/are the principal short holder(s) is/are likely the one(s) shorting now in order to drive price further down and cover more cheaply... and that/those short(s) may well be the warrant holder(s) but the warrants only guarantee he/they won't get hurt if stock takes a sudden run up... not down.
A great deal is dependent on whether or not IPCI can get through this rough spot without dilution... if they navigate these rough waters well... it will simply be a "time setback" of perhaps six months to a year.. but it can still come out of it with full value unimpaired.