"Are you saying that investors have received  their recently publicly offered shares by now and have been selling them (or some) and keeping the warrants, and that is causing the SP to fall?"

No. But in anticipation of receiving those shares their behavior in the open market now is altered (i.e. they are buying less, buying zero, or outright selling previously acquired position).

"So when you say you have subscribed to the shares, are you saying you have not received them yet?"

AFAIK, I have not received them yet (though I haven't logged in to check).

"why would you believe others have received theirs and are selling them?"

I don't think others have received theirs, but I do believe it changes market dynamics. A big offering at a good price will draw demand away from the open market. It might even induce supply into the open market from those who elect to sell some of their existing position now using the funds to buy into the offering. It's a form of arbitrage. All temporary imo.