I think if you look at the history of warrants with this company you will find many anomalies. Strangely the $1 warrants that had not been exercised earlier in their term were exercised before they expired and were really very marginally in the money at that time. I think we have seen the majority of warrants exercised early throughout the history of this company as an opportunity to avoid the time lag associated capitalizing on run-ups. Which really means that you can't take profits during spikes unless you have converted the warrants which could take up to 2 weeks from what I understand. Not everyone will short to lock in profits but some will if they do not have possession of the underlying shares. At least that is the view that I have WRT the financings that this company has been through. Disclaimer….As I recall.