You make it sound like the warrants are free, which you know very well they're not.You know only too well that they have to pay for them which means cash into the balance sheet. As for more dilution you have no factual proof of that and are merely scaremongering IMHO.
It is trading at these levels because there is a constant short on the stock. Maybe you need level 2 or you are a beginner in the game. You need to watch the trading more carefully. You cannot count the warrants unless they are exercised. If they are exercised then the company will get the money and you will then count the shares in the OS. IMO LONG ECIG
Actually the manipulation is obvious. I watch L2 and I see it every single day. Watch CDEL and their MMer friends box it, trade around the bid/ask and wash trade. If you don't see it I suggest going to an ophthalmologist.