There's two reasons the price could be going down then. To limit taxes on the difference and the fact that many sell shares to pay for the warrants. If it is known that a bunch of warrants need to be exercised quickly why the would you offer a high SP when the warrant holder needs the money and may take whatever the going SP is ? Thinking out loud so please be kind but I'm really trying to think all of this through in a rational manner. If warrants are indeed being exercised we should see the outstanding shares show up very soon. Crzyhors