I see no reason for anyone to have exercised warrants if they were out of the money.  The L2 deal was not a warrant scenario but rather shares being put to them, for a market price or discount to market price.

That appears to be done for now.  I would expect to see the share price rise as we approach the end of Q3, with a forward looking Q4 ramp.  Should the pps rise enough, then some of those warrant holders may factor in, but as I see it, L2 has every reason to want to see the pps rise, given their position at or below .35.

Wouldn't that be nice for the large short position?

Question: are all the previous, unexericised warrants factored into the outstanding share count?  If so, then the actual count is lower than last reported.  Just curious.