Exercise price is $6.40 for 1.45 common shares (so that’s about $4.40 per share). I posted some earlier numbers on this. There are currently 74m common shares of the new private Hycroft. With warrants currently between .20-.40 cents, the market is saying that the current private company is worth more than the strike price ($4.40 times 74m shares equals $325m - warrants are saying company is worth more than this). The warrants only have value if the market thinks that the company is worth more than the strike price. If the company is worth $500m, warrants should be about $2.50 a share. If company is worth $1b, warrants should be around $10 a share.
Simple math.
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