I read the fine print when the filing was made. Th

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I read the fine print when the filing was made. The total number is considered “beneficially owned.”

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SEC regulations also consider "owned" shares when looking at the 5% ownership. But warrants are not owned shares and would not be included in that 5%. If you look at other cases where SC 13G's needed to be filed that didn't happen until warrants were converted to shares. Welch's SC 13G may have been filed out of an abundance of caution but is a misrepresentation because the warrants are considered as votable shares when they are of course not.