bigguy: The conversion and sale of a warrant in the future impacts the then marketprice more than a sale of a share would. The warrant was held in treasury as an AUTHORIZED share. The shares that are bought outright in the new issuance become part of the OUTSTANDING shares. That dilution would becoome immediate at time of issuance. If/when the warrants are exercised, they will become outstanding shares, and therefore dilute the price. Period. Granted, if buying is strong, will not see it as a negative, but just remember that even if the price is going up, those shares would keep the others from going up as much as they would have.