…your scenario doesn’t address what ADXS is getting in return for swapping the warrants out.
You’re absolutely correct on this point. Although the cashless swap forfeits only a small amount (#msg-147602849), it’s senseless from a strictly mathematical standpoint. I infer that the parties are not behaving 100% rationally with respect to the upcoming financing.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”