I believe the warrants have a five-year exercise period. Or maybe it was four. That means they can wait until they wish to exercise them for that long. I wish they had attached a call or some early exercise rule if the stock achieved an average price for a quarter or some period, but I don't think they did.

So, theoretically, they could hold them even if the stock price was $20.00 within the exercise period. Some big supporters or insiders might exercise the warrants early to help with a cash crunch to avoid further dilution or to sell some shares for personal reasons. The company gets the new share money each time the warrants are exercised.

I don't know if there is a sweetener that could be added in the future to incentivize warrant holders to exercise them.

I was going to buy some units, but then I heard it was fully subscribed.