You would prolly opt to convert on 9/20, right ? Most would just sell the warrants at higher prices...like those wouldn't moonshot upon news of a BO. Conversion never comes into play in my scenario yoyo.
Protection via a small outlay buying tons of TTLLF while you get a decent sized tax break on your TMDI loss - in a year that will most likely hit peeps hard tax-wise.
Heck, several will just dump common soon and buyback as things heat up in late Sept awaiting the last Milestone payment - that is 9/28 at the EARLIEST BTW. TTLLF is just a way to protect IF one even wants to bother.