Nikola Corporation (NKLA)

[loginusername]

Thanks - So to use one of your examples: "NKLA trading at $20 results in a cashless exercise of 425 shs (~60% less dilutive"

Cash exercise adds 1000 shares. So 575 additional shares.
At $11.50/warrant this raises $11,500.
The additional 575 shs raises $11,500 or $20 per share.

"NKLA trading at $80 results in a cashless exercise of 856 shs
Cash raised 11,500 for the additional 144 shares works out to $80 a share for that additional 144.

This is what no one seems to get. Cashless exercise results in dilution also and does nothing for them. A cash call raises money basically at the 10 day average. It's cheap. Quick. Better than any secondary. They should be done for cash, no question.

And cashless does nothing for them. They might as well leave them outstanding rather than call cashless. Why call them at all? They're not diluting earnings. They don't have earnings.

Cashless should not be an option for them. They'l call for cash or not at all.
Warrants are way too cheap,