AEterna Zentaris Inc. (AEZS)

[Pyrrhonian]

There is a cap at 750 mm. A minor consolation but one nonetheless. Your model here would only work if B warrants were limitless. They can only get the full amount below $0.043, so that's probably where it will go.

What is happening is they exercise and then immediately sell those unrestricted shares on the open market, driving the price down so they can exercise more. But below $0.043 there is no advantage to them. They cannot get any more shares and will want to sell them for as much as possible. I think this will head to about $0.04 and stay there for a while. They will exercise the full 750mm or close to it. Then they will let the pps rise and gradually sell most of these at higher levels over the next year.

Jmo