RE:RE:RE:Chain of events.Be reminded, warrants are exercisable into shares for which the exercise price is pre-established. Ownership of warrants is via an issuance by the company or via the market. Warrants are not exercised if they do not provide a gain and are allowed to lapse. Otherwise, they are exercised. So, returning warrants to a company essentially means no transaction takes place so shares from the Treasury are not issued. When warrants are exercised, money flows to Treasury and shares are issued to fulfil the obligation entered into by the company. So what you suggest is not possible.