My logic is based on this being a cyclical industry.
I believe they're hedged with their short position.
I hope you're right but I just believe there is too much uncertainty in this sector for warrant holders to want to ride it out.
For it to be an issue this quarter, we'd need a major increase in SP w/o holders exercising. I don't expect that to happen. If we get a major increase, I think they'll exercise (& we're already seeing it based on the updates).