The warrants are mere pocket change that give YA the right to buy shares at $.0012 and turn around and sell those $.0012 shares to retail investors at the current market price. If YA were to exercise the warrants, it would have to pay the exercise price to NEOM which could be used to fund operations. On the other hand, converting debt provides no new capital to NEOM.
The big money for YA is on the debt and preferred stock conversions where YA doesn't have any capital investment and just sells the conversion shares to retail investors.
The bottom line for NEOM is if YA exercised warrants it would be extremely beneficial to NEOM. Looks like that door has been slammed shut.
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