My understanding of warrants is that it isn't necessarily dilution because the company received some benefit, money or services, in the past and issued warrants as a promissory note of sorts. The persons or entities that have the warrants understand that they may receive the promised benefit; more or less. The more or less piece is actually a result that could take place and the time of redemption literally more or less. And, sometimes "less" means you lose the full value of the warrant, if the payoff conditions were not met. Dilution is something altogether different. There may or may not have been a benefit and the shares are taken or created out of thin air multiple times. This is often what takes place when a company doesn't provide or stops providing audited financial statements.
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