See excerpt below from pg 154 of prospectus. Above $18 the company can call the warrants. They will not exercise for holders. Holders must exercise or sell prior to the 30 days or forfeit the warrants altogether and end up with nothing. I’m watching the warrants but they’re still overpriced. The spreads are oftentimes insane suggesting that despite the large amount of warrants issued there are few sellers in the market.
SCAC Warrants RIGHTS TO PURCHASE SECURITIES 35,837,500 SCAC Warrants are outstanding as of the date of this prospectus. Each SCAC Warrant represents a share purchase warrant to acquire a Class A Restricted Voting Share following 65 days after the Effective Date (which, at such time, will represent a share purchase warrant to acquire a Common Share), at an exercise price of U.S.$11.50 per share. The SCAC Warrants will expire at 5:00 p.m. (Toronto time) on the day that is five years after the completion of the qualifying transaction of SCAC (which is expected to consist of the Transaction) or may expire earlier upon our winding-up or if the expiry date is accelerated. Once the SCAC Warrants become exercisable, pursuant to the terms of the Warrant Agreement, SCAC may accelerate the expiry date of the outstanding SCAC Warrants (excluding the Sponsor’s Warrants but only to the extent still held by the Sponsor at the date of public announcement of such acceleration and not transferred prior to the accelerated expiry date, due to the anticipated knowledge by the Sponsor of material undisclosed information which could limit their dealings in such securities) by providing 30 days’ notice if, and only if, the closing price of the Common Shares equals or exceeds U.S.$18.00 per Common Share (as adjusted for stock splits or combinations, stock dividends, Extraordinary Dividends, reorganizations and recapitalizations and the like) for any 20 trading days within a 30- trading day period. The right to exercise will be forfeited unless the SCAC Warrants are exercised prior to the date specified in the notice of acceleration of the expiry date. On and after the acceleration of the expiry date, a record holder of a SCAC Warrant will have no further rights. The exercise price and number of shares issuable on exercise of the SCAC Warrants may be adjusted in certain circumstances, including in the event of a stock dividend, Extraordinary Dividend, or our recapitalization, reorganization, merger or consolidation. The SCAC Warrants will not, however, be adjusted for issuances of shares
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