The FVA for warrants does not scale dollar for dollar with the share price. Plus there are other factors in addition to the share price that can affect any FVA, including 2 major ones.
If you go back and look at the calculations I posted last month, you'll see that assuming the volatility stays in the same range as last quarter, the difference in the warrant FV between $15.58 and $13.40 was $5.45M. That's assuming 4.09M warrants outstanding at the end of the quarter. That's a $2.18 drop in share price, compared to a $1.33 shift in FV. And it's not scalable, it falls on a curve.
And that's not what the FVA would be. You then have to complete a separate calculation.
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