The knower and known pares are being denied. How are they denied? First the knower is denied. Then it also goes on to add other possibilities. You are not the, you are not something in between. Often questions had come here about why only waker, dreamer and sleeper. Why not some state between waking and dreaming or some mystical state where you experience God in some form? Those are also denied. No bhayatha Pragam. Not something in between either. All of them are denied. They are denying the knowable. It is not anything that is knowable.
Swami Sarvapriyananda teaches one of the shortest and most profound upanishads accompanied by Gaudapada's Karika. This lecture covers Mantra 7 (Part 2).