NP doesn't buy because he has gotten millions of stock options without buying open market, which is a better tax benefit. Since he doesn't not have to pay taxes on options, but does on stock purchases. He has been able to collect millions his way, so the question for me is why should he buy? Similarly, why should the placeholder buy open market, if they can get 75% warrant coverage? Makes no sense to buy if you are in that situation. Remember up to half of NP salary has previously been in stock options. So when people quote NP making 1M per year or 1.5M now, half of that is in stock, which is worthless if he fails, meaning he has a lot to loss himself whether or not he buys stock on the open market.