X, those warrants are all in the money, the average being about 0.90 if I recall properly, your idea to discount even further to today's market would probably cause those shares to be sold back into the market having not too dis-similar effect as LPC selling shares back to market, however, if LWLG offered discounts with "hold times" then I think the idea has merit, so for example :
10% discount offered with 1 year hold time
20% discount offered with 2 year hold time
30% discount (max) offered with 3 year hold time
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