Nikola Corporation (NKLA)

[loginusername]

The way to think of it is that with cashless you're receiving the intrinsic value of the warrant in shares. So stock "price" minus 11.50 where the stock price is the ten day average close and and you're receiving that value in shares.
If the stock popped to 300 one day and they called them you'd be screwed because the average would factor in the nine lower closes. What you'd get is not based on 300.
Vice versa if the stock falls apart you'd benefit from the nine higher closes.

They should call for cash. They'd collect ~265 million cash that they need, The extra shares issued at 265 million works out to a high price they're selling them at. Cash makes sense.