I think you are confusing ‘note holders’ with ‘warrant holders’.....Cytodyn currently has 2 outstanding convertible notes where they borrow money in June 2018 and January 2019. Per the agreement the convertible note holder can either be paid in cash with maximum monthly allotments or be issued shares at the lower of 15% discount or $.50.

If these note cycles continue they are likely to destroy a company. Fortunately for CytoDyn our science is solid enough to hopefully bring in other offers and end these convertible notes/cycles. Further convertible note details can be found in the 10Qs with a quick control F search (I believe the details are in the notes section).