I dont think its the shorts that are playing with warrants, the reason is simple, 21k$ isnt enough to be worth the time and the risk.

Pretty amazing that a stock gains 35% in a few days and the warrants lose 16%. Buying warrants at 0.50$ vs buying a share at 1.65$, with 10k budget, you get 6061 shares or 20000 warrants.

Imagine the SP at only 3$ at some point in the next 3 years, you'll make a profit of 8.1k$ ((3-1.65)*6061) with the shares and 9k$ ((3-2.55)*20000) with the warrants.

I'm not even doing the maths for 10$/share.

I bought more warrants.