Not necessarily.  Pohl would KNOW the S&L strategy, and it is apparent to me that the S&L strategy is to sell/convert WITHOUT significantly impacting the PPS.  If this weren't their strategy, we'd be under a dime (because, as has been pointed out, with regard to warrant conversion the PPS doesn't matter - it's basically just a swapping of shares) due to massive, unbridled sell-offs to enable warrant conversion.  Hence, when the PPS moves down beyond thresholds of the Strategy, it is "perplexing" to Pohl (i.e., what fool what dare sell their holdings of this wonderful stock?). 

Just a thought.....

SGE