Your holding period with warrants commences on the day that you exercise your right to acquire the stock. It does not include the period that you held the warrant, even though that may have been for more than one year.

If you sell the stock within a year, you have short-term capital gain. Short-term capital gains do not benefit from any special tax rate – they are taxed at the same rate as your ordinary income.

You would have to wait one year and a day to get long-term capital gain treatment.