Hey Jupiter ... that was me that looked at the devil's advocate position of Hepa exercizing those warrants based on their inside the board room view of current progress (Covid trial) toward upside, a large number of shares to grab, and one potential "wishful thinking" view of long term "co-aligned" interests. But it would have cost Hepa around $30m. No bueno.

Me, being on the outside, no I definitely would not exercize at that $3.21 price based on my limited "Joe Schmo" knowledge, and historical performance.

But I get your point and do not disagree. Hepa will likely be in a better position to either get their $6m in May (from "somewhere"), or negotiate a much better price for even more shares than they could have achieved had they exercized their warrants with a stock conversion for the $6m if they choose that route.