AT&T acquisition of Straight Path Communications - something fishy or normal?

Hey All,

I'm just trying to get a grasp of this situation and whether it is uncommon or not.

On the 10th of april 2017 "Straight Path Communications Inc. issued a press release announcing that it had entered into an agreement and plan of merger with AT&T Inc." which shoots up the market value of the company by around a 100 % over the next couple of weeks (https://www.sec.gov/Archives/edgar/data/732717/000121390017003560/f8k0417_straightpath.htm). This is a Monday, and the Thursday the week before insiders sell 1.403.349 shares and misses a silly 204 mUSD stock appreciation. The day after an insider buys 60.000 shares and banks 8,6 mUSD.

BUT this isn't the crazy part...

03-29-2017 (12 days prior) they rush through an Form 3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 issuing a lot of warrants with a strike price 34,70 plus the same amount of warrants that may become issuable between July 1, 2017 and December 1, 2017 at the same exercise price. At this point in time the shares will already be trading at 180,99.

So the big chunk sold makes me think that there was not anything to be know in advance, but the issue of warrants make me think otherwise. I must admit I have not investigated it further, does anybody have a take on this?

https://www.sec.gov/Archives/edgar/data/1574460/000121390017002957/fs32017a2_straightpath.htm