That makes no sense and I'm glad you wrote it since it's another big misconception that lots seem to not understand.
The warrants are getting exercised one way or another. They aren't going to expire unless we drop below their exercise level which isn't going to happen (At least that's what the vast majority of us believe).
Therefore there is no "downside". The shares are already there, they are already going to get factored in if we get bought out tomorrow. So there being more outstanding shares doesn't make any difference at all except for this positive. Your trading account is worth the same but you would want the shares exercised now as opposed to at 5 dollars SP because 1 million shares at 1.75 = 1.75 million dollars worth of downward pressure. At 5$ it accounts for 5 million dollars worth of downward pressure.
The warrants should always be included at this point in calculation the TOTAL float. That should always be used in any buyout discussions. Whether we have 200 million shares trading now (if all were exercised), or if we have 160 + 40 (rough numbers being used) warrants come the time of a buyout, the net result would be the same for you.
