Since you've given an example using warrants, let me continue with my figuring them out. I understand the leverage part. And using your example, I've worked this through in my head a few times and come up with a variety of answers. If it's not too much to ask, and because visual understanding is always helpful, can you break down the math to what you wrote here:
"Using yesterday's PPS's, I calculated the potential gain for GWAC vs GWACW. I used $5,000 for an investment example. If GWAC at $15, you would gain an extra $300 with warrants. IMO, not worth it due to extra risk, work, etc.
At a PPS of $30, the additional profit gain for the warrants would be $22.9 thousand."
And since we've discussed wine on the Hive board, I can now look at GWAC and see it as the Good Wine Acquisition Corp. In fact, vineyards being tough businesses, no doubt there will be wine SPACs on the horizon.
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