Allow me to butt in because this is really basic. If the warrants are getting exercised that's wonderful for longs because either it's bringing in cash, or if they are being cashlessly exercised, then they would be disappearing at about 8 warrants for every new share generated. But we see the warrant conversions in the 10-Q filing at the end of every quarter and they have not shown a very significant number getting converted.
It makes little sense for somebody to exercise .30 warrants when the stock is at .34. What does make a lot of sense is for somebody to 1. sell the actual stock at a 35% profit (buy at .25, sell at .34) and hold on to the free warrant; having done that they may also want to keep the warrant as collateral and short the stock at .34. If the stock runs further up they give up the warrant to cover the short, if not they cover by buying the stock at say .27 for 20% profit, then sell again at .34. They may have been making good money on the trade while as a by-product, pinning the stock below .34.
The warrants hopefully will end up well in the money and get exercised for $, bringing in $30M later this year into 04/2019. But giving away 100 boatloads of warrants comes at a price when they go into the hands of traders who can then suppress the stock for months afterward. Traders can make decent money in the short term, longs need to be very patient to wait for their turn to make extremely good money.
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