....and what is meant by permissible cashless exercise....So now you are admitting that there is a cashless excerise. It's alway gratifing to a teacher when students learn. To suggest that the warrants put some sort of ceiling on the PPS is without any factual or rational basis.So, in the example I gave, you would recommend that the one group of investors pay 25 cents while the other paid 7.4 cents, lol? Too funny. Another lesson for today:and issue restricted warrants that may very likely be exercised at below market prices at some There may be some things called a restricted warrants, I don't know, but these are not. You're welcome!