No not the warrants. The exercising of the warrants would come from the float, but the restrictions are placed on the warrants themselves not the float that VCampus has available.
Back in early 2005 they announced that they were going to ask the shareholders for permission to create 10M new shares (The still had 2M in the float at the time). The said they may need them for an acquisition or something of that nature.It was approved but nothing ever came of it , so they have 12M shares at their disposal minus any that have been committed to warrants.
As I have said previously they are in need of at least $2M-$4M just to coast out this year. The banks will not touch them and if the preferred shareholders are not game for some more shares at loan shark guaranteed rates of return, then they are going to dump the float for what ever they can get.
As I also said, they would have done this much earlier but they were in a share price violation, and common stock dilution does not up the PPS.
Now that they are going to be off the Naz, that is no longer a concern. They can and will (IMHO) dilute this stock for what ever money they need.
As it stands right now and even giving them the best slant I can, I can not see these shares selling for more than 10 cents exiting this year.