Yeah no way that flies, even though I'm sure that would clear out all of the warrants. As a warrant holder, I'd jump on any incentive, even if it was a .25 share additional, but as a shareholder, I don't really think it's fair to current retail investors.
Otherwise, I'm entirely comfortable holding my warrants for another 3 years and watching it play out. Unless you're planning on selling shares and taking some off the table, you're better off just buying more shares retail as opposed to using that money to exercise.