If they are exercised, the warrants will be slightly dilutive, but not much, as holders will pay $5 in cash per share. With the insider buying and good prospects, MAXF is still cheap.
Also, if you look at many warrant expirations (see posts earlier on this board), you will see that in many cases the stock moves up after the expiration, especially if the warrants expire without exercise, which is very possible unless someone really wants the shares. Why? Because with the volume it won't be easy to just exercise and sell.
People who exercise options (or warrants) often short the stock above the exercise price to lock in a profit. Here it would be hard because of the low volume.