All good points. I'll play devil's advocate on a key point though. By the way, agree after doing own analysis, that these warrants being "in the money" was a bit interesting- as there are like 100 million warrants out, in that warrant summary table: problem in the past is nearly all were way out of the money and I think 20 million or so already expired worthless- would have to look at table again. So it appears sort of a "new thing" this go around, that a big block of warrants was issued at such a low strike price (avg being .016 and "cash" for shares- a part I missed in my first post, when first looking at the "bridge loan" theory). So, having a pile out there this time at a pretty low strike is, agreed, perhaps a new twist. Interesting and what it means/could mean and why they gave um out at such a low strike and to who? That's the big question(s) for sure IMO.
But again, let me play the devil advocate position on statement, "My guess is that whoever holds these warrants, if exercised, would certainly work to keep the price up":
In that warrant summary table going back quite a ways, no one, none appear to have been exercised in recent, past several yrs. Meaning no one, it appears wanted to barf up cash and buy more BHRT shares. Now that could be cause their warrants never got "in the money" or "enough in the money"? But, a theory, IMO, if it's say an Asher type firm- they don't want to pay cash for shares on options, as they are already getting their shares on the "convertible" at a steep discount and usually, at some point using them to "go short" in the ole "death spiral" plays anyway.
Part 2 of "devil's advocate" would be, say they are mostly to Asher and similar- they could use those low price warrants to obtain even more shares at low cost- and then also use them in their "Short play". Since they'd be getting the shares cheap (.016 avg from table), say they exercise um and use um to buy chunks of stock here and there that they then sell ASAP, stock drops more from selling pressure, they use their convertibles getting even more shares, wash, rinse, repeat- the ole death spiral play. The warrants at such a low strike may have been demanded as the "sweetener" by the likes of an Asher- so they could use them, right along with the convertibles - use um for "quick flips" when price is high/up as stated in post, but also- theoretically use them also to the downside if/when they go on the short play. Just a theory- inkling IMO.
Who knows for sure though- as it's not even clear who's holding the bulk of them- the warrant stuff is complicated as they appear to have been handed out all over the place- to Cassel for instance getting 5 million or whatever, I think Northstar may have got some, maybe even other insiders got some- it's really hard to decipher in my opinion- I used browser search for word "warrant" and tried to read every line/word where they appeared- and was still left clueless as to "who got um and who got how many"?
Yes, if they were sold, they'd bring in "some" money to BHRT, but as you state, at the present "burn rate" it's only a few months, maybe, a quarters worth perhaps of survival level cash, again.
Don't know- it's all speculation at this point IMO. I still don't see ANY connection whatsoever to a "bridge loan" though. A bridge LOAN, key word LOAN, is just that, A DEBT LOAN. Meaning, ALWAYS done with hard collateral - typically real estate or plant and equipment, etc and a high interest rate, relatively short term to boot. Thus the term "bridge" as in a temporary fill while waiting on other things to pan out. BHRT IMO has no chance of a "loan" now as they are riddled with debt already that they're barely servicing and have no real "hard" assets with which to offer as security on a loan/debt instrument.
My 2 cent opinions.
