It's OK, but we can agree to disagree on this one. The STLRW / PHUNW warrants should never have been cashless exercised at all.
35 of 90 days tied to the post closing timeline was specific to the longest shutdown in the history of the US government. Markets traded while the SEC was shut down and the company waited.
The original security structure did not contemplate such a timeline or situation and the 91 day structure was established for situations where companies or their boards were trying to not file registration statements or get them effective.
This situation is the exact opposite, as witnessed by February and March readiness to have an effective S-1.
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