Firstly, the existing SGR warrants are not listed and therefore do not trade. The majority of the warrants are held by brokerage houses for clients. They short the warrants and use the cash to exercise the warrants, or sell shares that they bought at $1.40 for $2.00 + because they are not concerned with the tax liability generated when they sell. Some 3m full warrants were exercised last week alone. Approximately 20m were left to be exercised at the start of May. If the 10m volume that trade this week was for warrant exercise, we are about 7M short of full exercise. I know of over 2M myself that haven't been exercised and it will take at least $2.40 to get them exercised. It behooves the company to put out news to increase the price if they want the cash.