So wait does that mean it takes 2 warrants to equal one share?
The upside is actually a lot lower with that formula. I mean if it breaches $11.50 you're going to make a ton of money either way but the value of the warrant would basically scale at (X - $11.50)/2 rather than (X - $11.50). So if it hits say $17.50 your warrants would be worth $3 not $6
At least I think that's how it works? Correct me if I'm wrong.