RE:QuestionProblem is: to exercise, you need cash. To get cash, people can get a little cash (or have a great broker or good credit card for a cash advance!) ... exercise to get the shares, then sell the shares to market and use proceeds of sale to pay back the cash needed to exercise. Repeat the process.
For the person exercisng the warrants, there is a practical time delay between some of the steps, which affects selling velocity (how fast you can repeat the process).
Add to that... the "could have, should have, would have" factor: When to exercise? exercise in ... May 2014? July 2014? September 2014?
That's about it. So, the guess is that there are still about 300,000 warrants left to be exercised at $5.25. That's over $1.50 per share 'profit'.
Generally, the Kelso market spread between "Bid" and "Ask" becomes very significant when a person tries to sell more than 15,000 shares in a day.
Until those warrants are gone we're swimming with an anchor, because the current market cannot easily absorb a sale of 300,000 shares. It's about a 12 week count down to the end of these warrants...."tick tick tick".... expiration. After that, well, "gentlemen, start your engines"!