Just so you know: those were not "desperate" warrants. Those warrants were not going to be exercised so they tried to get something for them without doing a raise. The company still needs to have money, and at this stage of the game everyone's cry that they should keep waiting until they have news that would give better terms is absurd. You certainly don't allow warrants at $1 to expire and get nothing for them, that's silly. They expected to have results by now and don't, it's that simple. This is a non issue.
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