You would need to read the warrants, it depends on whether or not the people that wrote the warrants for Sigma wrote them correctly or not. How they are written will also affect what would happen in a buyout/merger in regards to the warrants (either they can be exercised or are worthless), it would also depend on how a merger/buyout is structured. And finally whether or not the warrants are challenged in court. All this assumes the share price closes +$4 + whatever people paid. I believe we will be back a $2.68 before we ever hit $4. Short answer: it depends