Gig, A variation on your option 1) has been suggested:

4) from the infamous 2016 financing, selling $0.36 shares to finance $0.52 warrants. Profitable on both fronts so a win-win for the holders.

IMO, 3) very unlikely.  if people wanted out, they would be selling into the bid rather than holding firm at $0.60.  For me it's less about the wall, and more about the apparent lack of interest in buying.  It's simple, get the buying going and the wall disappears.