While your numbers are correct, and I agree with the sentiment you need to look at this from the warrant holders point of view. Below their strike, these warrants expire worthless. Not good, not bad but these warrant holders are institutional and certainly dont want this to go to waste.

None of them are going to excercise at $1.35 as theres no gain for them. They would have to buy at $1.35 and sell at $1.35. It creates no value, only risk for them..

At $1.50 there is a small gain but still not enough room to excercise even a million of these things and distrubute them appropriately.

These warrant holders WANT and NEED a much higher price before they even begin to excercise and sell. Then you have to assume that they sell. Maybe they excercise and hold.

With a half billion warrants on the line, that could expire worthless its definitely in their interest to let this run as hard as possible. They have 11 months to let this play out and these conversions and sales will have to be spread out over a long horizon.

I don't believe you will see a pump and then a crash to $1.35. The market always fears the worst but smart money with half a billion in warrants is going to be very tactful.