The revised setup  has repriced the warrants to 37% of the original price.  I don't think this is baked into the pie but into roughly three pies now.  Dilution will most likely be higher as $4.25 is easier to attain than $11.50 within the next few months and ultimately raise less money than previously anticipated.   This feels like desperation to me like soliciting shareholders to exercise out of the money $5.00 warrants several weeks back..  It is not the news we were waiting for.