Agreed, the warrants are out of the money at the moment - as all warrants are at issue.

However, they do have a value, as they offer opportunity in the future. Thus it remains puzzling why a PP share with an attached warrant, was equal to the open market price of a Novo share. Either the PP should have been set at a higher price, or since we are still at the start of the issue with no further Novo development or news to change things, right now the open market price of Novo shares should be valued at less than $0.65

An odd situation.