Please, let's put this one to bed. Here is text from the SC13G.

"The documents governing the terms of the Warrants contain a provision prohibiting Lincoln and SPE, as applicable, from exercising warrants for shares of Common Stock if doing so would result in the Reporting Persons and their affiliates beneficially owning shares of Common Stock that represent more than 9.99% of the outstanding shares of Common Stock as determined under Section 13(d) of the Securities Exchange Act of 1934. "

Take note of the plural PERSONS and their affiliates = 9.99% together.