They won't know how many warrants or the ratio of the reverse split until the underwriter (and their clients) tell them what they're willing to pay and how much of the company equity they expect to have. Those warrants are free trading, so the clients will be able to profit off the aggregate of dumping the shares and warrants. The offering price will be at a significant discount to the PPS after the RS, meaning those who hold through it are going to lose.
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