Aiming to become the global leader in chip-scale photonic solutions by deploying Optical Interposer technology to enable the seamless integration of electronics and photonics for a broad range of vertical market applications

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Well, I just sent a mail to the IR of PNP to clarify this.

Looking at their homepage they are listing all their holding incl. warrants.
I can see about 12 M PTK + 7,7 M PTK warrants for 30thof Sept. 2014. SP there was 1,41$.
They are giving a fair value of 23 M $, so here they also are accounting the warrants with an average value of about 0,75 $.

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