Sean: There can be no cashless exercise in the manner you have previously suggested, i.e. an exercise at zero.
A permissible cashless exercise is where an investor with a margin account sends in his warrants to the broker and is permitted to exercise the warrants in connection with an immediate sale transaction, pocketing the difference as profit without ever having to put up the cash, if he has sufficient marginable buying power. There is no scenario where warrants can be exercised at zero.
You are on record with your erected "ceiling" on IWEB shares, and we will see how that pans out going forward. IMO, the shares are down do to lack of concrete news, and I expect any news that may be out there will be held until after Labor Day, i.e. I hear the financial district is dead in NY right now, with everyone stretching the holiday and hanging out in the Hamptons, etc. If I were IWEB, I would wait to release anything further until next week. I believe we will trade up significantly from here in the next 30 days, and believe the shares are undervalued down here, i.e. I have averaged down of late, and believe this is a tremendous trading opportunity.
I am, of course, pleased that you apparently feel that the IWEB PPS will hit .20 before all of the warrants are exercised, from your examples.
