Thanks for posting this info
Been considering your theory and concluded it seems logical. I am sure there are some big investors that are well diversified that will simply exercise the warrants as they get close to expiration. But there are some that do not want too large a percentage of their portfolio in one stock. (I personally would like to buy more but this is exactly why I have not.) Suppose you are up near your personal limit on %Nio BUT, you are holding some warrants. You really do not want to pass up getting C$ 0.95 stock for 0.65 or 0.70. So, you sell some of the 0,95 stock and use the cash to exercise your warrants. Seems like a savvy move. You end up with the same number of shares but in effect drive your average cost per share down. When do you do this? Obviously, before they expire, which is soon. AND right after you set a 52 week high makes it an even better time.