They tried this, it didn't work. Warrant holders may take a deal like this but mostly they either don't want to tie up capitol they may or may not have. If the stock goes to zero and they hold warrants, they lose nothing, if they have shares they loose money. I am surprised we have as much warrant exercising as we do. The second problem with this is that a warrant holder might want to take the deal, but will sell what ever stock they own to generate the cash to do it. this puts selling pressure on the SP for no reason.

BTW, I have no warrants.

The warrant raises were necessary years ago because it was quick and easy to only raise what was needed as it was needed. It was also likely the only source of funding available. Many long term investors have a hatred for this fundraising as it drove the SP lower over many years.

Today, we have the ability to get loans at low interest and favorable terms. borrowing today for cheap is absolutely the right thing to do as it brings the big growth that will pay it off easily tomorrow. If you think the terms Cytodyn are getting aren't good enough, I encourage you to go out and try and get a loan as a no revenue biotech firm. let me know how that goes.