First, forget about the "orginal warrant" it has nothing to do with this warrant - that was issued under different circumstances.

Second, I'm pleased the darn warrants are only good for 53 weeks, it seems to be the shortest time the company could get away with in terms of negotiating/discussing with the underwriter.

Now, I supposed Al could have worked it so his warrant was exercisable at a higher price, say $3.00 and given himself more time, perhaps to 2015 or 2016, but he didn't and that's good. I don't think it was saleable (or, possibly, even legal) to price his warrant exercise price at the same price, but give himself more time to execute.

I believe the story the underwriter told in placing this offering was of what all was anticipated to occur in the next 53 weeks - finishing up the two trials and getting good results, packaging things up to the FDA and looking toward an approval; and, getting a partner lined up as once the anticipated results are in.

As far as this offering being sold to those who were short - I don't know, those folks could easily be covering in the 1.90 range; don't think they needed this offering, but if they signed up for and got some, well, what are you going to do?