Those warrant holders that hold only a financial interest in Poet, have the primary  objective of monetizing the value of the options. Playing a short/long strategy puts this at risk because it requires share prices to go higher once they have dipped. Having clipped 70 cents of profit on the warrants, it makes little sense to try and play market savant for another 10 cents when you still have warrants to exercise.

Also, current market liquidity on the offer side is because of their warrant-driven supply. Once they flip to being buyers, liquidity is reduced, tilting market risks against them.