Let me walk you through this. If you had 125 mil warrants that were worth $3.41/share, but you couldn't sell them because of some pesky rule, what would you do?
Can you short the stock separate from your warrants? If so, you have 125 mil shares in the wings when the company gets around to registering them. If, after the stock is registered, the price per share is less than your shorting price, you buy back when you think the stock has hit it's low. If the stock rises above the shorting price, you convert the warrants.
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