"Where do these securities exist?"
I thought we were talking about the warrants. If not, I apologize for "hopping topics".
But as far as the warrants are concerned, they don't "exist" anywhere. They are nothing more than an option contract to purchase shares, much like when you work for a company and they give you stock options. You don't actually own the stock, you just have the option to buy at a set price. As such, they don't affect the balance sheet of any corporation until they are exercised.
"I would think that they could be traded or purchased and exercised by the owner."
If, in the unlikely situation where the warrants were exercised, then they can be sold under SEC rules (requires 6 months between purchase and sale and requires notice to the sale to take into consideration a fiduciary duty to not harm minority holders.)
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