It wouldn't surprise me if Ernesto told Elmer not to call them in because he knows it will be a waste of his money.

On the contrary, Ernesto will probably convert all his warrants himself by March 2023 without Elmer even calling for the warrants. After March 2023, the warrants become more expensive, 12 cents instead of 9 cents for another year until March 2024 when they will expire. Imo, unless SP takes a dive below 9 cents, all warrants will be exercised in the next 4 months or so to avoid paying more for them.