I think Ub said it best. The issuance is coming so this was pumped up and then shorted (naked) heavily by someone that is likely going to be buying in the next offering. They'll be able to cover with the new shares/warrants, similar to the last offering...just on a grander scale.
The possible explanations, as I see them, are (1) the mm’s and hedgies started shorting after a huge rally; (2) the warrant holders started selling their 12 million (now 800k post-RS) shares; (3) hedgies and daytraders had a huge short term gain and quickly took their profits; or (4) a combination of any or all of the above.
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