I wonder how many retail shareholders are left?  Both in terms of the number of individuals and the total quantity of shares owned.  

We already had capitulation in my opinion....it happened with the Top-Line news, down to 30 odd cents.  It coincided with 3 consecutive days of 1 million+ trading....However 2 million trading in a day is still less than one single % of the outstanding share count.  In the first three days of trading after Top-Line failure was announced we traded somewhere around 8 million and the PPS rebounded hard and fast...even at $1 we're more than double off that bottom.

As to the conversion of the warrants, Golf's logic notwithstanding...I too have difficulty imagining warrant holders converting at $1.33 when the PPS is down in this $1.10 - $1.20 area...and possibly going even lower.  But while I have difficulty imagining it, I do think its possible for the very reasons GolfYeti lays out....trying to by 100K or 1 million at these prices, let alone 15 million....I agree that its highly likely and probable that the PPS would absolutely explode higher.  

I can try and look at this warrant incentive program as a straight private placement...equating the conversion to the issuing of 15 million shares.  In that respect a premium to the prevailing PPS is not unheard of.  Conversely perhaps warrant holders will try to use the depressed PPS to renegotiate the deal and get an even lower conversion price.  

Just some random thoughts....