Yes...in fact, that was my guess until today. 

But now I wonder.  

If you think in terms of risk reduction, someone could say...if this thing does not work out, my warrants are worthless.  So my strategy should be to sell out of my shares even if it is a small loss.

OTOH...if it is as good as I think it will be, then I still have my warrants...so I get to keep the upside.  I can always buy more shares later on if need be.

Anyway...it is just me thinking out aloud.  A $3.40 share would make some owners of the new units pause before they decide to take a hit...but you never know.  Maybe that is what the $3.40 share price is telling us?