She has to exercise the warrants, meaning she has to pay $4.3M in order to get those 15 M shares that were worth $0.15/sh on the open market. It obviously doesnt make sense to buy warrants that are more expensive than the share price.
You are saying see took advantage of this great deal, when in fact, she has to exercise the warrants, giving NWBO $5.4M to get 15M shares that she isnt able to sell until well after the TLD results come out. So even if they are worth $1.35 on the open market, she cant make any money from this unless the TLD is positive. Does that make sense?
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