I have to disagree on whether the warrants will be exercised. These warrants have been outstanding for a long time. If they were not exercsied with the SP was above $6, why would they be exercised now? The SP has been falling. Yes, there is indications that the goods are there and the SP is undervalued, but in the end, if the market continues to suck, good news may not be enough to lift the SP in the near future. 30 days from now, we could be below $5.

The fact remains that the overall market has likely had ill effects on those who financed the last PP. They simply may not have the funds necessary to purchase the warrants. Or they may believe that further delays in lab results will keep the SP at the same level as the warrants, and they might try to pick up more shares through the open market. This latter option also prevents dilution of the shares they received as part of the PP.

IMHO