Thanks for that info, fairchij. At least as to the type of warrant that your contact holds, there is apparently no provision that accelerates the exercise date based on the share price achieving a certain average price over a specified amount of days (that type of arrangement is not uncommon). I say "apparently" because there is a slight possibility the warrant has that feature but the target price has not been reached, but given the five-fold rise in price, I'm sure any such price would have been reached.
Warrants issued at different times can have different terms apply to them, as they are individual deals, but assuming they are the same, then we are dealing with warrant holders voluntarily exercising, at the behest of the company. That's a positive sign. Oftentimes, the company will make the request explaining to the warrant holders that the company needs cash and they'd rather not further dilute by selling more newly issued shares, and, therefore, it's in the warrant holders' best interest as well to exercise and prevent dilution.
If the warrants are publicly tradable, it is very unusual for warrant holders to exercise early. In almost every case, the warrant holder wants to hold the warrant until right before expiry, but if the warrants aren't otherwise tradable, and the warrant holder wants to realize cash for his/her investment, then I can see a warrant holder exercise and then immediately thereafter sell the stock. If a warrant holder doesn't want to do this (possibly for tax reasons, like timing, short term, long term), then he/she may sell a corresponding number of shares short, thus realizing cash from the investment, while maintaining the warrant, which they can use to cover the short sale in the future as needed and/or required.
