"...The placement put many millions of new shares on the market...."

I don't think they are trading yet.

For one, the prospectus has "release conditions", and until those are satisfied, the deal can be cancelled, with all the subscribers getting a refund.

And once the share/warrant units show up in everybody's accounts, they are still attached to each other, and can't be traded... (except possibly on an over-the-counter if-and-when-issued basis.)

Normally, the share/warrants remain attached for a few days, after which they separate, and then they can be traded freely.

At least that's been my experience with previous purchases of share/warrant units...