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Message: Warrant Pricing

The share price is at $1.08 but the 2 warrants are trading at very different levels. 

The one due on June 7 2023 is at $0.31, which roughly speaking, implies a breakeven share price of $4.91.  The warrant due on June 20 2021 is priced at $0.35 which implies a breakeven price of $2.40. 

This is a bit surprising to me...I would have thought the warrants would be worth a lot less.  The 2021 warrant is more relevant and it suggests the share price may be way undervalued here.  

 

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