RC is not going to dilute or issue more bonds. Screencap this. The warrants ARE the dilution, but nobody gains from it unless gme is above $32. RC is firmly saying that he wants the price of gme above $32. Everyone holding shares that will receive warrants now have every incentive to see gme ABOVE $32. It's in gamestop's best interest to see gme above $32 if they want the cash from exercising. That's the whole fucking point of the warrants. Think, why would bondholders also receive warrants? There will be no more share or bond offerings. The warrants are the line in the sand. RC wants the price of gme to be a MINIMUM of $32.

Shorts need warrants to deliver if they are short (borrowing) gme. What they can do is close or cover their shorts this month to avoid needing to deliver warrants in October. Or they can remain short gme and wait until gme ws becomes tradeable in October and attempt to buy the warrants on the open market. That is risky for them because not only will retail have a sizeable amount of the warrants, but if the naked shorting is indeed real, there will be a very large amount of broker shares owed warrants.
Imagine ff there are more shares in the brokers that should exist, with only a set amount of warrants, how will everyone be given the warrants they are owed?
Imagine what will happen when people start exercising those warrants. The total number of existing gme ws will shrink. It's like musical chairs. No amount of shuffling will change the fact that once the trading begins, that established number of 59,000,000 warrants will gradually decrease.
If people were desperate to buy up the dilutions and bond offerings just to get shares from gamestop, do you believe those people wouldn't slurp up the warrants just to be able to buy gme at $32, regardless of the actual price of gme?