"In other words, the exercise price is adjusted (reduced) if the commons are saved and there is dilution through a debt for equity swap in the final POR."
not a lawyer, but that is not what i took from the language. if there is a change of control and commons survive, if you also hold warrants, then whatever exchange ratio of old stock for new stock is approved in a por, for each warrant you holdm that can be exchanged for new stock, just like the old.
i don't see anything which indicates an adjustment to the $28.41 exercise price, just an exchange according to provisions in the por.
so, like with shldq, if you don't think the commons will survive, it would seem any play you have with the common stock warrants would be to expect movement up/down over the current 5 cents or so at which they are currently trading and flip against that.
nothing to say you couldn't flip and or hold depending on how you feel about the commons surviving. however, with millions of shldq trading each day versus a few hundred thousand warrants, the ability to buy/sell commons is much easier than warrants.
