"the buyers from the recent offering are selling. You can see that in the volume, which didn't exist before."
That is an incredibly ridiculous statement. They just bought at $1 and now they are selling way below $1, at a loss? Even if you try and argue that they are somehow willing to take an immediate loss just for the free warrants, that is completely ridiculous too. The warrants are set at $1.18, so your argument is: They bought at $1, immediately started selling at steep losses, driving the price way below the warrant strike price, so now ALL their shares, which they JUST bought, are either losses or worthless, and they did this On Purpose.