"I agree with etops. If in the money (as is the case), warrants are an asset and must all be exercised by PNP or else face the consequences.

I disagree with that. PNP is, at this point, in a state of flux and emergency and the new management will do what they have to do to right the PNP ship. That may will be buying these warrants or maybe not. One thing for sure we don't have long before we get the answer.