sounds like warrants will be good for 7 years and you could exercise at any time within the 7 year time frame. Strike price will remain the same.
Lets assume they issue 155M shares priced at $10. Market cap is now 1.55B. Your warrant will have $10 strike price.
Warrants are very similar in options in that you get a right to own a stock at a certain price for x amount of time. Like options warrants trade with a premium. Say in this scenario new stock is trading at $11. To own 1,000 shares will cost $11,000. If there was no premium warrants for 1,000 shares would cost you $1,000 being $1 in the money. Lets say stock dropped to $5. Someone owning 1,000 stock shares would lose $6,000 but the warrants for the 1,000 shares would only lose $1,000. Now say stock went to $22. The $11 shares would be up 100% or $11,000. The warrants for 1,000 shares would be up $11 for same $11,000 gain but at 1,100% since it only cost $1 per vs $11. The leverage you get in owning warrants ends up costing you in premium. Warrant that is $1 in the money here could trade $3+.