Company has the option to call the warrants and convert them to shares If shares are trading at $50.00 at that time you would get $38.50 worth of shares for every warrant you hold or you can cough up the 11.50 and buy the shares.
There's a lot of confusion surrounding the warrants so at the moment they are trading at a $10 per share discount. My $25 June options trading at a a 5$ premium.