Sula, my guess is that the folk that purchased the "bought offering" have none of the shares that they "bought."  Those shares were used to cover the short position they established prior to the offering.  But, they likely do have the warrants, which was the prize for having funded the company, plus, of course, any delta between the price at which they shorted and they price at which they purchasd the Units.  

I think it may have been FJ that pointed out how the short interest spiked up then down.  

This is not an unusual event, so I'm fine with it.

But for those who think the share price is being "held down," I think reality may hit hard.  The stock is down for many of the reasons Shash pointed out a little earlier in another great post!  She gets it!