It's an interesting observation.

How many warrants are actually free trading. A couple million? Less?

So, there was a group of buyers who decided to dump their RVX shares and purchase warrants. Natural buyers.

They are likely close to being done.

The market for warrants may go very illiquid very shortly. No buyers...RVX is already a thinly traded stock and new buyers are simply not going to gravitate to the warrants right away.

So..warrants were down hard today and probably have a lot further to fall in the next few months.

Those in warrants will need some sort of liquidity event to sell them eventually imho.

bfw