I think people just figure that out today.

One could look up how many warrants were issued at the exercise price of $3.443

Then look at the warrant volume since April 12, 2019 which may give an indication of how many warrants sit in retail hands

I think most if not all of the institutions that have to report sold them. Maybe some of the non-reporting companies still own some?

Since the warrants were given with the purchase of the stock back then, it was easy/free money for them to sell if there were buyers.

We do see that many institutions now own shares.

Did they sell their warrants to buy shares? I don't think so.

With almost two years of retail buying those warrants I would think they are pretty locked up with retail. Not like warrants have drawn in the power traders in that time frame because the volume has always been too low.

So now you have millions of warrants sitting in the hands of retail that most likely will be even less inclined to not part with them as the sp goes up.

Then as you've pointed out, the available pile of warrants will go down once the sp gets into the $4's.

Oh wait, that happened this morning.

I mean once the sp gets back into the 4's for a period of time.