Please read and tell me what warrants are worth?
HAHAHA...good one! What they are "worth" and what they are trading at may be two different things.
What they are "worth" seems to be based on some formula that kicks in once the price of the stock exceeds $18.00 for 20 trading days out of 30 trading days since the warrants are redeemable by the company after that time.
The price they are redeemable at is .01 but the warrant holders can exercise based on this formula on a cash less basis which I THINK means that you get the difference without actually having to pay the $11.50
If we call the warrants for redemption, our management will have the option to require all holders that elect to exercise such warrants to do so on a "cashless basis," provided that such cashless exercise is permitted under the laws of our corporate jurisdiction. In such event, each holder would pay the exercise price by surrendering the warrants and would receive on exercise that number of Class A common shares equal to the quotient obtained by dividing (x) the product of the number of common shares underlying the warrants being surrendered, multiplied by the difference between the exercise price of the warrants and the "fair market value" by (y) the fair market value and then would receive Class A common shares underlying the non-surrendered warrants. The "fair market value" shall mean the average reported closing price of our Class A common shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. Such warrants may not be settled on a cashless basis unless they have been called for redemption and we have required all such warrants to be settled on a cashless basis.
Too complicated for this simpleton...but if the stock never trades again, it is all moot
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