This is why there likely was a rush before the end of the year to convert warrants, if done before 2020, the stock is long term capital gains if sold in 2020. I think many feel 2020 is the year that the SP really moves up and is the year that positions might be closed for profit, getting the ownership of the stock in 2019 is important for reducing taxes. There is very little reason to excersize warrants, a warrant holder could just buy shares on the open market with the money that it would take to convert.