The warrants attached to the units are pretty much the same as call options....with the option to buy shares at $2.05.  And they're underwater right now by about 65 cents.....but they're excercisable for 4 years, so the 50ish cents they're trading for is a reflection of the time value of money.  

If they were put options, with the option being to sell at $2.05....then they'd be in the money to the tune of that same $0.65 cents.....and the value would be that 65 cents + the time value of money, that would determine what they would trade at.