I'm confused. I remember reading a file for secondary offering from a company and it said "We will not receive any proceeds from the sale of these shares other than proceeds, if any, from the exercise of warrants to purchase shares of our common stock"
So in order for companies to actually make money issuing warrants, the warrants have to be exercised??
I was always under the impression that companies make money right away when they sell warrants, and whether the warrants get exercised or not is the buyer's problem.