Sorry, but the mind is swriling and the Gin and Tonic does not help.
What if the reason for the warrant purchases are over time is to allow PTSC to hedge? If the assumption is that pps will rise in the future then buy shares today at $.54 and sell next month at whatever pps to cover cost of warrants at the higher pps. Logical? There does seem to be plenty of buying, just not bidding up the pps. Opty