Exercising a warrant and selling the shares is virtually the same operation, they go hand in hand. There is no reason whatsoever to exercise - i.e. use a lot of cash to purchase the shares - and then hold the shares. you have the exact same potential gains but at a much higher risk, due to your capital invested upon exercising.
If stock collapses while you are holding the warrant, so what. If it collapses while you are holding the shares, thats a big deal.
So Dan is trying to get them to exercise early, meaning each warrant holder likely has a plan, a target PPS at which he would exercise and sell. Dan is trying to get them to do it early by giving incentives, new warrants.
Now in this scenario the shares from the exercise may actually be held long potentially, but i find it unlikely. I think they will sell asap, or already have.
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