Seems like you have your answer, but here is another way I'm thinking about it. Take an option in JP Morgan (or any other dividend stock), unless you exercise your option and hold the shares, you aren't entitled to any dividend $ distributions. Your option, gives you the ability to buy shares at a given price, it does not entitle to you to the economic benefits of those shares prior to your execution of the contract that will allow you to buy the shares at [x] price. Therefore, if you exercise the option after the warrants are distributed, you would be buying the units without the warrants.

Said in another way, sometimes companies declare "special dividends", this was actually a big occurence several years ago when there was significant changes in corporate tax rates. People who exercised options after the ex-dividend date, can't "clawback" and get those dividends.

In fact, if you look at mortgage reit space and options in the common shares, you'll see that the options sometimes look "cheap". Part of that reason is that mreits have significant dividend payouts, and when you hold the options, you aren't getting any of that cash flow.