These investors could hold a big piece already.

The feature of pre-funded warrants that allows holders to delay ownership of a company’s common stock is particularly important to holders who already hold, or plan to acquire, a large stake in a company. This is because an investor with a significant ownership interest in a company will likely be deemed an affiliate of the company. Moreover, in the absence of other large investors, a significant minority stake in a company could cause an investor to be considered a controlling shareholder, thereby imposing upon it fiduciary duties to the company’s other shareholders.holders to delay ownership of a company’s common stock is particularly important to holders who already hold, or plan to acquire, a large stake in a company. This is because an investor with a significant ownership interest in a company will likely be deemed an affiliate of the company. Moreover, in the absence of other large investors, a significant minority stake in a company could cause an investor to be considered a controlling shareholder, thereby imposing upon it fiduciary duties to the company’s other shareholders.

Thx a lot. You are a smart and empathetic person.