I think a lot of warrant holders have converted and will likely continue for those with expiration dates approaching.....as NP stated, all warrants are deep in the money now, so they can simply look at the cap table and see how many warrants are approaching expiration knowing these should all bring in $XXM this month, $XXM this month etc.

For those newer deep in the money warrants, the only reason to convert sooner that I can think of is 1) start the LTCG clock in case of a buyout 2) extra cash available and no better opportunities given the current market and interest rates or 3) wanting to rebalance portfolio, take some profits by selling some shares of CYDY to exercise warrants and open positions in other investments? I’m sure there are personal reasons as well like age, kids college, weddings, recent retirement, etc.