All it means is that I am able to spend .50 instead of 1.35 to convert my warrants to shares. Without the tender offer this particular set of warrants were bound to the 1.35 price. I have .75 warrants that I am not taking advantage of the TO because the spread between the exercise price of .75 and tender offer of .50 is not worth it to me. If the SP skyrockets all I have lost by not taking advantage of the TO is .25 per share. On the 1.35’s the difference is much greater at .85. I hope I have made sense.
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