This excerpt taken from the CY 8-K filed Mar 14, 2007.
Sale of the Warrants
On March 7, 2007, Cypress entered into warrant agreements, as amended on March 9, 2007, to sell warrants to acquire, subject to customary antidilution adjustments, up to approximately 25.1 million shares of common stock in separate warrant transactions entered into with the option counterparties in reliance on the exemption from registration provided by Section 4(2) of the Act. The warrants are to be settled on a net exercise basis, either in shares of stock or cash, at Cypresss election. Neither the warrants nor the underlying common stock issuable upon conversion of the warrants have been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.