My reaction is mixed. It's a great deal if you ar

My reaction is mixed. It's a great deal if you are a warrant holder with fresh cash to invest. Can't beat $0.265 or so a share! Unfortunately, I am not in that category.

We've seen this story before as well. I think they tried this in late 2017 (put warrants on sale) with little effect. At the time, I assumed they wouldn't make the sale offer unless there was going to be news so enticing as to induce warrant holders to buy in. No news came, and very few warrants (in the grand scheme were exercised). I expect a similar reaction here unless big news comes in the door.

I don't take this to mean that a licensing deal (esp PCA) isn't close, but I do take it as potential evidence that the upfront cash isn't significant (e.g., $50M). Otherwise why put warrants on sale AND offer extra shares as an inducement to exercise?

I wouldn't be shocked to see some pressure on the SP, but any seller selling here to raise funds to take advantage of this offer is likely selling at a loss and then repurchasing the same security in 30 days. Seems like a wash sale to me (loss disallowed) unless there is some other rule out there.

Overall, I am neutral on this for now. It just is what it is.