Can warrant holders (being insiders in PTK's case) exercise in news is pending? Given they already have the rights to the warrants does this advantage them in any way?

Assuming that warrant holders don't have the cash on hand to flat out exercise the warrants, my guess is:

POSITIVE: knowing that news is pending (and positive), once exercised, their value will increase

NEGATIVE: without having the cash on hand, warrant holders will have to sell a portion of their shares at a lower price in order to cover the execution cost

This brings me to my next question, if a warrant holder has the right to execute with NEWS pending, then why would they opt to do so BEFORE rather than AFTER if they could simply sell a smaller portion of shares to cover their costs once the stock price has appreciated?

Comments?

Sandman