I would be surprised if they got more than 25 MM

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I would be surprised if they got more than 25 MM from the conversion. I think many at 75 cents or more will covert. I chatted with my friend and he is keeping all his 50s and converting 75s.

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Exactly. Example: Verb's share price is $2, they have $3.15 warrants verbw (verb warrants) is 50% or $1 underwater that is being sold for 80c, as high at $1.15 last week. At one point I thought the verbw might sell for more than a verb share, crazy since the verbw is so under water.

This is why you can't simply say if I trade in two warrants and 80c for three shares, the cost is 80 cents for 3 shares. No, you paid 80c + 2 warrants that have value. He is doing the 75c warrants because the value of the 75c warrants is less than the value of 50c warrants. Hence the cost is a better deal. I doubt the 50c warrants get exercised, but probably a lot of 75c warrants.