The key difference between the changes in terms is the strike price. In 2020, the price was left the same, at about a 50% preminum to the market at that time. This meant the warrant had only about  11% probability of being in the money. The bold and brilliant move was to lower the strike price to the current  market price, thereby increasing the probability of exercise to 66%. (As the forward price exceeds the spot price, the option is already in the money in forward space.)

Given the high probability of exercise, the warrant issue has been converted into a foward share issue  with no transaction cost. 

I wouldn't consider myself naive, possibly I look at things with a different lens.