I don't believe that the warrants were likely exercised at peak prices. Especially not if we look at the fact that the 2nd and greater batch of warrants was not available to Orion until the pull of the 2nd tranche on the 22nd. By which time the price was already in the .76 to .78 range and remained steady there until a rapid drop on 12/2. Volumes for trading days of the 22nd and since are:
11/22 - 9,551,500
11/25 - 15,478,000
11/26 - 15,766,700
11/27 - 8,772,700
11/29 - 9,260,800
12/2 - 26,270,300
12/3 - 16,689,200
12/4 - 17,887,700
Obviously holidays were short and quiet, but so was the 22nd when the deal was being signed. Only outlier in the list for possible dumping of shares was 12/2 where the price did drop, but that was a drop from .68 to .59 so again, not a peak price they got if they sold them there. Especially not if they paid .62 a share for 6m of those warrants. They might've sold off the 8m warrants that they got for .242 though.
The original 6m that would've been granted on the 6th could've gone at any time given we saw volumes over 50m, 100m and even 150m in those early days; however, those would all be on days where the price was moving up and they would've had to be very wise to perfectly time the top on the 14th given that the peak was hit in a 30 minute period and then quickly down after that.
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