Right, BA, those cheap warrants are rally killers, just as FJ has pointed out several times in recent weeks.  You sit on your warrants, which you can exercise anytime till expiry, you could exercise them now and sell the stock and make a very nice profit, although selling too many would wreak havoc on the share price.  So you don't sell, rather, you play the tried and true game of selling short every time there's a decent rally.  If and when the stock retreats in price, you cover with the money that just came in via your short sale.  If the stock price runs up, you can always cover your short with the warrant.  

Obviously, this is not happening with a large percentage of those warrants, as we'd see it in the volume.  However, there have been many days when a hundred thousand or so shares may be involved in that type of activity.  Like the days (like today) where there is decent volume early, then the volume dries up the rest of the day.  That early volume may well be folks that decided that if the stock did not move up immediately this morning, it was time to sell short (if they didn't sometime yesterday) and cover in the next few days - again, not with warrant shares, but just with the funds that came in on their short sale.

Those guys made out like bandits in the offering (sellng short at .70 and  buying in at .40 per unit), they covered over time with the shares they bought (holding shares involves high risk) and were left with the warrants.  Huge return for very moderate risk.  Those people are not Poet fans, they are financing tools, likely used by many brokerage houses for offerings on developmental companies.