The size of the warrant is still the structure. In terms of investment, as the warrant is demonstratedly transferable, the investor ownership is always an unkn

The size of the warrant is still the structure. In terms of investment, as the warrant is demonstratedly transferable, the investor ownership is always an unknown. This still sounds like structure(size and control of a single warrant) rather than who. The real issue seems to be any large warrant, that is, the uncertainty in the structure.