According to what you posted and what I posted bel

According to what you posted and what I posted below from the prospectus, you can do the cashless exercise if...

"If a Restrictive Legend Event has occurred and no exemption from the registration requirements is available"

"In the event that a registration statement covering shares of our Common Stock underlying the warrants is not available for the resale of such shares of our Common Stock underlying the warrants,"

Maybe I missed something where there is no "if".

To me, it's saying, for example if the company got bought out and the shares are no longer trading...

If there is no prospectus, (but we already know there is one)

I didn't see the warrants. Maybe it says Cashless in bold letters right on them, I don't know.

"Exercisability. The warrants are exercisable immediately upon issuance and at any time for the five-year period from the date of issuance. The warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below)."

"Cashless Exercise. In the event that a registration statement covering shares of our Common Stock underlying the warrants is not available for the resale of such shares of our Common Stock underlying the warrants, the holder may, in its sole discretion, exercise the warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, elect instead to receive upon such exercise the net number of shares of our Common Stock determined according to the formula set forth in the warrant. In no event will we be required to make any cash payments or net cash settlement to the registered holder in lieu of issuing shares of our Common Stock underlying the warrants."