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Saturday, September 11, 2021 8:00:55 AM
I've made similar points in the past. Institutional investors won't exercise their warrants until they're substantially in the money. They have to factor in the market impact of selling the converted shares too. I would suggest, like you, that the stock needs to at least be double the current price and likely considerably higher.
I would also add that Corbett's warrants, his primary vehicle to make big money here, convert at $0.24. They also have a cashless exercise option (which he almost certainly would use). As a result, he too should want the stock price to be multiples of the exercise price so he can exercise on a cashless basis.
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