suppose a person has 100,000 units of warrants, exercise price at $3.25 current price at $3. by exercising the share warrants, he would have to pay $3.25 a share. technically he would exercise only if the price is $3.26 or above. factoring in brokerage fee & usually warrants are given to founders with huge position size affecting the stock price when he sell out all the warrants . it would ideally exercise at a much higher price to profit from it with a margin safety. so why do some people say that warrants exercise price will act as resistance price for the share price?