Warrants can be exercised at any time. I think there is some confusion on private placements shares, compensatory shares, and warrants. Each warrant is a right to purchase a share at a certain price in a certain time. Warrants are usually earned through the purchase of pp shares in a 1:1 ratio, or are granted 1:1 with each compensatory shares. I doubt the warrants are being exercised by any given the share price currently, and the time restriction upon those shares acquired through warrant purchase, just doesn't make financial sense.
Mr Baum, I believe, has already sold a good deal of his shares. I certainly remember seeing that somewhere, but I will do some research to verify.
