The people holding the warrants are the same people who got in on the PP at $4.00....just a couple weeks before that time, they could have picked up the shares on the open market for about $2.60....but they couldn't accumulate a large position without running up the share price. The same holds true now....they have an opportunity to pick up many shares at a fixed price...just look at the recent volume on NOT....now, what do you suppose would have happened if someone tried to pick up millions of shares? They would have paid much more than $5.....that is a fact