The correct formula is subtract .20 from TSNP's price and then multiply by .28. For example, when TSNP gets to $10.20, we would be at $2.80:
10.20 - .20 = $10 x .28 = $2.80
the formula takes into account the number of shares outstanding from FORW divided by then number of warrants of TSNP we own. The subtracting .20 takes into account the cost of the warrants.