The last round of financing has not sold off at all, neither warrants nor convertibles. (a cool 50 million shares waiting to be dumped). The reason is because the company is out of authorized shares so they haven't been able to file a new registration statement and that ties the hands of the investors.
If the shareholders do not approve the increase in shares then the company is required to hold a shareholder meeting every month until the shareholder agree, and the company has to pay a cash penalty for such delay. It will be like Ground Hog Day, but without Bill Murray to keep us amused.
If the shareholders refuse to increase shares, then the investors are stuck with Rule 144 stock and will be subjec to the "dribble rule". Naturally it will probably mean the end of the company because any future fund raisign will be out of the question, but if you want to force the convertible holders to go down with the ship here is your chance to stick it to them (but you will hurt yourself unless you get out first).