My guess is negligible difference. They have 30 days to exercise, and not everyone who does will sell off the shares immediately.

Maybe we get news in the morning that would tempt exercisers to hold longer. 

Some may sell but even if everyone of the 1.1 million shares exercised sell over 30 days it's 35k vol per day average. Maybe 5% more volume split across the exchanges if every warrant is exercised and every share from it is sold off over the next month.

An accredited investor or institution who was able to take part in those warrants usually knows enough to know if they exercise 100k warrants into 100k shares they aren't going to dump them all in one day. It's in no ones best interest to market sell a large volume.

My guess is slightly higher sell pressure unless we get news regardless of warrants.