While I would not deny that some of yesterday’s trading may have been shorting, as has been speculated, I would also be willing to bet that quite a bit of selling was from those who owned shares but want to participate in the financing. Pretty good deal if you could sell in the $3.70 range (yesterday’s average trade was at $3.73) and put some or all of those proceeds into $4 units that give you one share plus one warrant. This allows an investor to either maintain their call (total shares plus warrants) on RVX and take some money off the table or increase their total call on RVX for the same money.  In June of 2017 when RVX last completed a BB financing the two largest net sellers around that trade were sellers through Raymond James and Anonymous, yesterday was the same by a wide margin. (RJ -217 k shares, 001 -134k shares) Coincidence? The next biggest net sellers were through ITG (-84k shares) Anonymous and ITG are generally pros. 

Totally agree with the above!

Too bad though that the company didn't have all the buyers already in place so that it could have been announced that it was filled already.