The high volume started again once the warrant shares were registered, so I am 99% sure it's warrant flippers cashing out.
It is equally likely that the company will start the buyback again next week once they know how many warrants are out there. But they can only buy 10K per day so it may not have a dramatic effect. That's 77 trading days just to buy back warrants unless average volume goes up.
" That's 77 trading days just to buy back warrants unless average volume goes up. "
but if only 20% of the options are excersized, and only 50% of those are sold, that's 7 days, (assuming the company is the only one buying!)... these numbers are completely realistic, only time will tell how many new shares come to the market.