Realistically, it seems as though that's exactly what the company is doing.

Unfortunately, the warrants are being exercised regardless, because the warrant holders know the above is occurring.

It's a no brainer for the company; they get the cash from the warrant holders if they exercise, which they should asap, or they avoid the dilution now and make it more expensive later, if they ever need cash again, which I'm hopefully doubtful.

I'd exercise tomorrow if I were holding warrants....there is no reason the share price should decline from here, it can only go higher (barring some catastrophic/black swan event).