Well, if (when?) they go public then none of this should be any problem. The 'trade' here is trying to figure out if the warrants have any value at $0.05 per warrant. If a case could be made for the common trading above the exercise price, then the warrants could be a low cost way to get in on the company going public.
I am somewhat surprised with the limits on exercising the warrants. It is the first time I have ever seen anything like that BUT I also was not expecting to be able to buy any warrants through the regular online trading system.
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