Since everyone has a theory here's my prediction about the warrants and what happens next

The warrants won't cause MOASS but they will give GameStop the justification needed to do a one to one stock swap to create a new GameStop share ticker in order to get rid of all of the counterfeit shares (not the first time this has been mentioned on this sub, forgive me I forgot the thread and author). If this happens then all of the shorts, naked or not will have to be made whole in a short amount of time and the stock price will go parabolic.

It's at this point that GameStop will make an offering for all of the remaining shares that they can offer. They will know roughly how many naked shorts are out there based upon the warrant info that they are going to get and they will set the price to get the maximum value for themselves. They are going to have a rough idea of how many shares will need to close, the amount of time that the shorts have to do it and they will have some very smart people figuring out what price they can get for the remaining shares that they can use to dilute. The price where they choose to do this will be anyone's guess but I believe that they will select a price that will net them significantly more than an order of magnitude than what they currently have for cash on hand.

This excess cash will set the floor for the value of the new stock and the price will stabilize at a price linked to the cash on hand that they will now possess. This means that the stock won't crash back down to where it was preMOASS and the company will be healthy with more cash on hand than they know what to do with while we're heading into a world wide economic downturn. Who knows what assets they'll be able to pick up for on the cheap.

This theory rests upon the supposition that those in control at GameStop are going to do whatever they can to secure the future of the company by making the most money. To me, this is a sure way to do that. This is not a deep dive, I'm a very regarded low XXXXX ape but I can stay that way longer than the shorts can stay solvent and just want to come along for the ride and pick up some crumbs before it's all over.