Red, I agree that the smarter question would be when the share price will exceed the warrant strike price. I have accumulated a pile of warrants, but I am patient however confident that it won't be too long before that happens. I probably will wait though to exercise as the higher the share price, the less warrants I will have to purchase and then sell the shares to finance exercising all the warrants! Simple math shows the higher the share price when I exercise the warrants, the more shares I end up at the end. Now I get the tax issue of short term cap gains, etc. and why large institutions may want to exercise the warrants ASAP so then a year later they can sell the stock.

However I would not have the many dollars (in the 5 digits) to exercise all my warrants at $3.443 without doing the trick of exercising some, selling shares, etc. Actually ,may make sense to sell my existing shares at that time, have long term cap gains on those sales, and use the sales of them to fund exercising all the warrants! Depending on the share price, I might not have to sell too many of my shares, so that sounds like a better plan.

I agree: the question of needing another reverse split is a very silly one, your question is one that the only variable is how soon the share price will exceed the warrant strike price. There is in my mind 0 probability the share price will go so low for such an extended time to need a reverse split.