No offense, but that sounds more like OTC logic than NASDAQ smart money logic. Why not sell the warrants too and make more money (no loss)? If they keep the warrants because they feel VERB may go up a lot in SP, then why wouldn't they keep their initial shares as well imo? One thing to note is typically institutional investors wouldn't have even been interested in buying shares in the first place if all they were hoping for was a tax write off, and especially not tier 1 investors.