Yes. I had an idea a while back that one or more institutions might be holding onto their warrants and selling their shares. Which is why I think the warrant trading is interesting - last I checked the daily trading volume for Verb warrants is low. No big institution dumping them. So why sell your shares and keep the warrants from the offering? Maybe an institution considers that a safer investment strategy. Collect cash and hold onto the warrants for a while. They have plenty of time value - 5 years.

One other thought - if you took part in the offering and got rid of your shares but kept your warrants I believe it's possible to use the warrants as a hedge while shorting the common stock. So, if pps eventually rises enough above the warrant strike price you could short the stock and use the warrants as insurance in case the price of Verb shares went the wrong way (up).

If I understand it though there's supposed to be a lock-up for shares and warrants from the offering? So if there is some institution selling it's a no-no?