November is known as the month for tax-loss-selling so, S&L might be selling to offset against another investment. Alternatively, it might be a wash sale to establish a new price base for future capital gains. As they were prohibited from buying during the warrant repurchase period, but not selling, this could be a reason for the current rising and stabilizing price. I wonder if anybody ever thought that having sold, S&L might, in fact, be net buyers now?

 Hope this helps with the arguments.

Be well