Correct, exercise and sell happens at the same time. It is guaranteed profits for the warrant holder - and is the extra reward for investing large sums into the company. I also think Dan wanted to get the cash now so that they didn't have to worry about another raise. Smart really - they warrant money was going to come in at some point anyway, but potentially after we needed another small raise, so get the money we need now to get to PISCES data read out. Then if they need funds they raise at $5 plus. The money coming in from the warrants is static so current share price doesn't matter to the company. Hate that the stock was clearly popping to $3-$4 before the warrant exercise, but it likely was going to cool for a little while anyway after large gains. Should see $5 soon regardless.
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