Kitov Pharmaceuticals Hldgs L Sponsored ADR (KTOV)

[EM]

The warrants will be exercisable on the six month anniversary of the issuance date at an exercise price of $1.50 per ADS and will expire five years from the date on which first exercisable.

Hard to imagine (if not impossible) how many warrants will be exercised considering 2023 expiration and how many shares will be sold then. Pure speculation like: how many shares will be sold when it will reach $3?

You should consider, as well, that when series a warrants (immediately exercisable) were “in the money” .... Kitov issued just 1,214,340 shares derived from the exercise of Series A warrants (they offered approx 8mm warrants).

You should consider as well that exercising warrants would mean approximately $4mm cash for Kitov.