I wrote this out in a rush, so someone let me know if my math is off. I see warrants as better at this level, while regular better at higher levels. Due to the regular rise and fall I would never recommend trading, but flipping from warrant to stock and back can have the same effect while increasing number of shares without investing more into it. In my amateur opionion, I think this may be what some of the MMs are doing. My hypothesis is below as hypothetical, but conservatively realistic, price fluctuations over time and converting warrant to common at high ends, and common to warrant at low ends:
initial investment 1000 warrant shares at recent price
Warrant/Common Holdings Conversion
1.87/4.61 1000shW@1.87=$1,870 (n/a)
4.70/8.6 1000shW@4.70=$4,700 546shC(Common shares)
1.87/4.61 546shC@4.61=$2,517 1,346shW (Warrant shares)
3.80/6.70 1346shW@3.80=$5.115 763shC
2.20/5.10 763shW@5.10=$3,891 1,769shW
Let me know what you think...
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