2. play on the house
3. let 'em ride
Some of 2 or 3 may involve accommodation of tax liability as well, I believe exercise and hold enforces an immediate liability under AMT with a recalculation of basis, but I'm not sure.
The same model applies to options and the tax liability is the 'reason' SKS sometimes uses for how he handles options (in not doing exercise and hold).
There are plenty of investors who note that while these three choices are available with both warrants and options, management consistently takes the least bullish strategy. Hopefully management isn't a role-model for warrant holders.
(yes, I did kinda stand that post on its head)