If they exercise the warrant on the shares it is a 50% discount as they have the ability to buy "presumably" discounted shares to exercise said warrant. Even if the share price goes to $10/share they can still buy @ $3.25 and sell them into the market. This does many things. No, my math is very sound. And no, I don't need lessons on how this all works. Delta 9 is a local company where I am and I am rooting for them to succeed! Using equity to fund a new startup is nothing new. The players must be made aware of what type of funding is being used. I do like the transparency.
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