Why else would Ernesto extend his warrants to buy CUU at $1 when the stock or private placements can be had at a fraction of this price?

As much as I would like to believe it, these were the only warrants extended and they were the only warrants that people bought who weren't insiders. I assumed these were extended as a courtesy to those people, not EE.

It doesn't mean they aren't in a blackout though.