I don't know that it was entirely irrational. While it may only...

I don't know that it was entirely irrational. While it may only be a 4% dilution it is a stark reminder of the fact that there are a lot of warrants out there and there could be further dilution. Being reminded that any increase in ownership over 19%(?) needs shareholder and FIRB approval - MtK can't convert everything in one fell swoop. But they could do it in a series of moves liquidating each position in order to convert more warrants and then dump them on the market. It would be 'dilution by a thousand cuts'. Of course each selling spree drops the share price and drops what they get from them ... the recent warrants would likely have been converted when the share price was around 12-13 c (that is actually a basely assumption) but only started trading yesterday when the share price was in the 9-10 range. And any inkling the market gets that MtK intends to do this would crash the price thus perhaps putting a ceiling on how many warrants they are willing to convert. I am sure they have some math genius who has figured out that precise number.

Sorry if that sounds overly pessimistic.