I do see same marketmakers having an endless supply of shares.
Last week we expected the share price to go up on Coronavirus phase 2 trial application.
Did it? I think it actually slipped.
Outstanding shares 461.3 million on 3/5 increased to 469 million on 9/3.
An almost 8 million (!) increase. Caused by? Warrantholders exercising imo.
Not every warrantholder has cash available to exercise, thus those would probably sell Cydy shares to finance (before or after exercising).

Given the number of still outstanding (in the money) warrants it is a hell of a job to create extra demand for shares that exceeds dilution because of warrants being exercised.
It’s great for the company to be in a position that warrants will be or are exercised, but it does put pressure on the share price meanwhile.
The warrants: a blessing and a curse.