Lugan.....the company in effect prints new "electronic" shares and through a transfer agent DWACs them to your account electronically. These are new shares that increase the total outstanding share count. The warrant holders send the cash to the company who puts it in the Wave coffers.
So the pressure on the stock price in the short term is WAVX shareholders selling WAVX shares to raise the cash and the longer term pressure is dilution of existing shares.
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