I think three reasons why it might have been a good thing to have these warrants exercised are:

(1) It is money in the bank.

(2) It would have increased the share count allowing for more management compensation. Remember this is how management is paid. I believe they are currently close to the top end on what is available for such purposes.

(3) I wonder in future financings, if it will be necessary to sweeten the pot for those to come on board. This is based on Mazan's reaction, purhaps viewed as a loss to those investors. 

If they extended them again with the feeling they could put them in reach, I would be OK with that.

IMHO