Exactly, you would need to got temporarily go out of pocket for the units if you wanted to hold just warrants, and risk market conditions through the end of June. Of course, the units could go up and pay for the warrants, no crystal ball.
Given how cheap the rights got today, and the value proposition, I bought another 10,000, and I'll probably keep both the units and the warrants. I'm banking on a reasonable distribution to value the units substantially north of $7, because otherwise I see no reason why the vote would have been so positive, the big holders must have assured themselves of the higher value. After all, the current worth of the two securities together (unit + .35 right) is substantially down from pre-vote levels. I'm sure no one bargained for that as the status quo.
After the warrants are distributed next month, and depending on market conditions, there may be a chance to pick them up cheap. Possibly a lot of retail holders will exercise and sell one or both securities received back, or just dump the warrant out of confusion. One can hope, anyway.