Another reason for the weak warrant price might be that "the market" is not particularly interested in the warrant right now. We probably need some indication that the share is going to show some long term strength backed by reserves, income and profit performance etc. before investors see merit in buying an opportunity to purchase the share at a fixed price in the future. I would suspect that when that happens there could be a good positive price move on the warrants. The lack of demand obviously can cause sharp price drops to the down side when sellers offer relatively small blocks for sale and smart buyers (like Gildage) are waiting with lowball bids to pounce on the offerings. Brokers are prone to telling clients in that selling situation to be willing to sell at prices lower than their client's optimistic expectations - that results in a quick sale, quick commission and Bob's your uncle.