I can't give a definitive answer obviously....but the way I am viewing it is this. 

Did the warrant incentive program represent financing activity?  IMO yes....no different from when they've previously announced 'proposed' share offerings.  I recall one case where the proposed offering was rescinded, and others that went forward....in both cases it was disclosed.

With respect to the warrant incentive, if there was 0 uptake....in that case I am assuming there would be no requirement to disclose.  They put an incentive plan in place, and disclosed it as I believe was required....but if nobody bit, then nothing happened.  

I would like nothing better than to have my opinion prove incorrect and to see an annoucement that the company raised $5, $10, $15 million.  If that were to happen, especially with the PPS trading below the $1.33 incentive price, to me that would be like an 'above market' share offering.