It is likely a warrant holder hedging their warrants. They will just exercise their warrants and take the shares they receive to cover the short. The higher the stock price goes the higher the short interest goes, the fund is merely locking in the gains with the short. There are 9.2 million warrants and not every fund that participated in the placement will hedge, only a few. Most participants in the deal are long stock + warrants and will wait for the story to unfold. (pun on fold (nose))