If they are non-transferable, then i would suspect they are waiting for volume to unload. The PEA should create volume, and if it does, don't be surprised to see a lot of selling and the price seemingly not to move This could just be Cliffs "cashing out" the 1,000,000 warrants. Right now, for them to try and slowly short the stock and cover with the warrant they may drive the price down, thereby reducing their potential gain on those warrants. PEA will offer the perfect opportunity for them to sell into a higher price with volume.