I can see the argument for warrant holders seeking a better exercise price given market conditions.  I can however also see the argument for the company holding firm on price and a holder of warrants with exercise price significantly higher than $1.33 still exercising at the discount.  To me it all depends on where each investor deems the risk lies.  If an investor thinks the science has been significantly de-risked and the main risk is funding then I would think they would be inclined to accept the incentive offer if they were holding warrants priced in and around $3-$4 which seems to be where a number of qualifying warrants are priced.  I think this would be be especially true if an investor thought a sale of the company was going to occur in the near future.  I guess we will see in due course.

I was looking at SEDAR the other day and I saw that on Nov 25 (the day the warrant incentive program was announced) that RVX also did a private placement  of about 1.2 million units at $1.33/unit and the warrants are exercisable at $1.40. Forgive me if someone else already brought this up but I haven't seen this detail mentioned here. This was posted on SEDAR Dec 5.

i also saw a couple of posts placing both Eastern and HL as insiders. I am fairly certain Eastern is not an insider and as such some of their warrants are qualified in the incentive program.