So, if MMCAP exercised warrants, they would have paid about the same for the shares that I can buy in the market today.  Yet, they could also wait up to 60 months after the financing to do so.  
Why would they pay for these shares NOW?

Can anyone offer a rational explanation for why MMCAP would spend the money NOW instead of waiting until revenue is reported and the sp has significantly increased?

The only explanation I can think of is that they want to own the shares prior to some type of event that would increase the value of the company significantly while retracting the option for MMCAP to exercise the options. If this was some type of M&A activity, I don't know how that might impact warrants.  I also question how MMCaP could take action based on confidential information, because this is a publically traded company.

Why would they exercise warrants now, though?