It occured to me that....while the warrants are grossly overpriced imo as a long play, as insurance against a large short position....they might make some sense.

If someone was short say 100,000 shares at an average of say $2.....and fearful that buying back that number of shares, that it could cause a rapid rise in the PPS.  Then I'm thinking it might make sense to pick up some of these warrants....even if they're priced 40+ cents.  

That way....if buying actual shares with cert #'s attached, actual shares in other words....not just what's being quoted as avaiable on the ask.  If buying actual shares caused the PPS to move significantly higher....then at most the position could be covered around $2.50...the cost of the warrant + the $2.05 cost of excercising the warrant.  

I don't think someone short 100K shares....that they'd be looking for 100K warrants, not with the PPS down around $1.30....but I don't know how much of the trading, how many of those shares have actual certificate #s attached to them....But just spitballing I'm thinking maybe 25K or perhaps 50K at most.  

Then if we get a + FA or another go ahead from the DSMB or any other such White Swan news story....then the shares can be covered by paying the $2.05 per and excercising the purchase rights with the warrants.  

Maybe that's the reason they're trading at such a high price?