Vanguard Natural Resources Inc. (fka VNRRQ)

[ologun]

Warrants are like options except they are issued by the company.
Like options, they have a strike price, which is the price at which the holder of the warrant is obligated (not forced to) buy the stock.
A strike price at say $50 means that for the warrants to be in the money (i.e. worth more than paper certificates) the stock will need to trade above $50.

If stock trades at $55, it means the warrant is worth $5 because I can buy the stock at strike price ($50) and sell in open market at $55, netting me a profit of $5 less purchase price of the warrant.