Maybe because I am sitting on the sideline and I want the stock to drop, I think that a rational investor in MNKD's new issues will dump his shares at 2 or around that range and just keep the warrants for free.

Even worse, MNKD might have sold the new shares to the short sellers to close their positions. Up until this point, the short count has been increasing. Apparently, short sellers are confident about another new issue and they may have access to them to close their positions. They may be also close their position just by today's trading.