NRX Pharmaceuticals Inc (NRXP)

[fr8]

IMHO, what is happening kind of makes sense.
The SPAC makers want investors.
There are no option chains because there is not a huge universe of investors.
So the SPAC owners write their own calls called Warrants.
Note that the SPAC owners are the ones that set the price of the Warrants - not the market.
As the stock price goes up the SPAC owners do not want to raise the price of the Warrants because it scares away buyers so they let the gap widen. Note also that if the deal fails the warrants are worthless which is another reason they keep warrant prices low.

However, as we approach the conversion day the warrants have to catch up to the real value which is the difference between the list price and $11.50.

So if you feel real sure we will convert the Warrants are a great deal.

Of course different SPAC owners treat the price of the Warrants differently. Chamath likes to keep his Warrants c lose to the real value.

Crazy world. Note also that once we convert NRXP will probably change the strike day and you have to be ready for that or your warrant will expire worthless.