So I don't see this as a swap of warrants at all, but an added incentive to exercise those old warrants. In essence, it is just a new funding arrangement, since all of the existing warrants will be exercised under their original terms, with the new warrants having different terms.
So do you think that Jason N. does not share your conclusion, or that he worked exactly what you've concluded into his current AMBS valuation, and in his continued pps target of .25?
What about today's AMBS trading and pps close, a 'wash' on the news or a lack of understanding of its import?