As far as I am aware, the only news on the warrants are that they were extended to 6/30/2015 ... and that was announced a few months ago. Don't think there were any meaningful posts on the subject since.

Lower exercise price would be nice, but I don't think below $5 would make sense as that is a level that generally signifies "I'm NOT a penny stock anymore". And to get institutional interest, the stock will need to be > $5 and, I think, also traded on the NASDAQ (which is the plan). Once it gets the interest of the big boys and girls, it should trade up rather sharply in reflection (partially or 100%, take your pick) of the much greater book value.

So I don't see management entertaining a lower strike price. The warrants were designed, I believe, to reduce the dilutive impact to existing shareholders. It gets more float out there, with virtually all of the add'l float in existing shareholders' hands. And the realized (if sold) or unrealized (if held) gains from the $5 and $10 purchase prices should offset dilution.