I'm not sure but I think the warrants can't be converted til April 14th - I gleaned this from the form 3s I read.
I don't believe the company can force the exercise of the warrants until they are convertible into shares.
The penny is pretty normal since the company wants to make holders convert when commons are $18 or higher. Again I don't think, I could be wrong, they can force conversions until they can be exercised.
That could be why they are under performing at this point - almost 2 months is a long time and I expect the bottom to drop out of the commons within a week or so.
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