There is a cap at 750 mm. A minor consolation but one nonetheless. Your model here would only work if B warrants were limitless. They can only get the full amount below $0.043, so that's probably where it will go.
What is happening is they exercise and then immediately sell those unrestricted shares on the open market, driving the price down so they can exercise more. But below $0.043 there is no advantage to them. They cannot get any more shares and will want to sell them for as much as possible. I think this will head to about $0.04 and stay there for a while. They will exercise the full 750mm or close to it. Then they will let the pps rise and gradually sell most of these at higher levels over the next year.
I got little bit different numbers as you remember
Doing the alternative calculation by using those multipliers you used... If we stay at current level (or not drop another 50%) the O/S will be 183M (238) + 129M=MAX around 312M-367M NOT 627+M.
Also in case we would decrease another 50% in value (WHICH I HIGHLY DOUBT!!!-->0,0294;O)))) the O/S would be 183M (238) + 266,6M= MAX around 449.6M-504.6 NOT 1 295,8+M.
I say your calculation has been done incorrectly and among other flaws it does not take into consideration that the number of B warrants has decreased month over month. First please tell me how many B warrants are left now?