Risk: I completely understand where the shares would/would not come from as well as your point overall which makes sense.
However, I was saying to buy a large % of shares in the market vs. exercising warrants could not happen without significant upward buying pressure. For ex. If warrant holders opted to buy 20,30, or 40 mill shares in the market instead, I highly doubt share buys at these levels even if acquired even if over a two/four week period could occur w/o bringing the price well above the warrant strike. Definitely a trade off on the restriction issue though.
No doubt, I would prefer your thesis to play out but can't see it working to the warrant holder advantage price wise. All IMO.
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