I would tend to agree with you tada if it wasn't for the news and volume....but in a fashion it could be a bit of both.

No doubt with the way RVX has traded over the past year, going from a low of $1.11 to a high of $4.94....no doubt a lot of holders were sitting on profits.  But up until yesterday I would argue that, by and large, most were holding tight in hopes of even bigger gains.

Then yesterday's share offering news priced at $4 p/unit.....combined with the massive volume increase and substantial drop in price, I think that is what likely motivated some selling, hopefully for those who did sell, hopefully it was at a profit.  

As for raising cash right now...this is a "best efforts" deal, so we don't know how many units it will involve, if any.  And we'll have to wait for Wednesday to see if there has been a jump in short selling...if bears have exposed themselves to "exponential risk" as you put it, a sentiment with which I agree by the way.  

Top-Line is still a ways out....thankfully the short interest update won't take as long.