Agree 100% and you should be correct. But you may find that even with a few million or so warrants after April still around, these institutions may short on seasonality with whats remaining, but far less numbers than we have seen in the last two years. Either way, we will not have any significant increase until our short position is covered and or POG increases.

Thats why I was wondering if this process has started, or were stuck in this cycle until April