I'm not sure what all the concern is about.

The only question in my mind is what is the the OS expected to be once all warrants are converted?

What I'm getting at here is that I suspect that warrants are being exercised in large blocks for efficiency.  S&L may have just exercised warrants based on share sales (to stay under the cap) that occurred months ago, and there may still be many warrants yet to be exercised (though share sales to date may have brought them to a point where the next exercise will dust them off, or they may be dusted off now).

So the question above is most pertinent IMO.  As for some sort of reporting that you seem to expect to explain this change, why would that be required unless this is a RESULT of something not previously reported?  The warrants were known to exist, and there is the reasonable expectation that they would be exercised (as that's kind of their purpose, once vested).  I don't understand why you are so perplexed....

But that's probably because I KNOW nuttin'!

SGE