This is just my speculation, but with the amount that's been shorted, one would have to think that it's Maxim. They're probably in a no lose situation.  Buy the offering, make money if the price goes up.  Short the stock, if price goes up, cover with warrants. If it goes down, make money off the shorts. The rich keep getting richer. 
Would have been nice if they continued with the LIFE financing. Then us peons could have participated.