Nikola Corporation (NKLA)

[Willysmb]

You are incorrect. By SEC definition:
The resulting equation is X = Y(a-b) / a where:

X = the number of common shares you’ll receive when exercising
Y = the number of warrants you are exercising
a = “fair market value”, or the average closing price of the common for 10 days, ending on the third trading day prior to the date on which the notice of redemption is sent to the holders. The notice of redemption will have this price in it, and you can always verify the price with your broker.
b = the per share exercise price