The warrants, meaning the present value of them
What I mean is the warrants are being assigned a present value of $5, and most of that is because they are 30 year warrants.
Normally, I would agree with something like the Black-Sholes valuation formula but here it seems either it will be apparent within something like 10 or even 5 years if the company is going to be ok, or if the warrants will end up worthless; i.e. waiting the additional 20 years will do nothing since the company and stock will just 'wander'.
Louis J. Desy Jr.
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