Normally, you would never exercise a call on a non-dividend paying stock before expiration. However, since the warrants are so far i!n the money there is relatively little time value left, and since the warrants are very illiquid it is not easy to sell them for their true value. The warrant holders that want to take profits are probably exercising and then selling the shares. It is not what I would be doing at this time, but I can't think of any other explanation.