FIRST EVER WARRANT ISSUE IN THE HISTORY

Top Glove just announced a 20 for 1 free warrant to shareholders and this is the first ever warrant issue by the company since listing. They have done bonus issues few times in the passed but not warrant issues. (Screenshot from TG website)

What is the rationale behind to have their first ever warrant issue in the history ?

Does it mean TG started to feel cash pressure ? Their pre-covid cash level is around RM200m to RM300m and in covid period surged upto around RM5B, cash level as of the latest 2024Q4 is around RM1B.

If that really are, I guessed the exercise or strike price of the warrant would be between RM1.50 to RM2.00 so they would have raised more than RM600m if all warrant exercised.

But if not because of cash pressure, anyone can tell what is the main reason ?