Now this is interesting .... am I correct in understanding that our (in the money) warrant holders should exercise their warrants to secure that capital gains on these shares will be taxed at the low rates (0/15/20%) if one year since conversion has passed [long term gains tax rate]? And if they don’t they are increasing the risk of getting taxed at short term gains rates (of 10-37% depending on...).?

That’s a great incentive for warrant holders taxed at 37% to exercise as soon as possible!

Now I understand why people are exercising already and why it is that no further new share issues are necessary. Cydy probably gets all funds needed (and more) from warrant holders exercising.
Another big plus for the share price because of less risk of further dilution.