Not a warrant holder. NP is a bit of a spin docto

Not a warrant holder. NP is a bit of a spin doctor which has enabled him to take CYDY so far and keep everyone looking forward. So, no problems here with that. However, it seems to me that he’s been justifying/blaming/hinting at the 100MM Shelfing is on the basis that warrant holders don’t want to exercise. Obviously, no one’s gonna convert, I just was struck by the way he worded it, so no one would question the extent of the raise. It’s like “I had to do it.” Anyone getting that drift?