TB, the common is $11.91 whereas the warrants are $6.40. Considering the warrants cost an additional $11.50 to exercise, the common seems a better value. So, today, the investment via the warrants would be $17.90 to get the common.
Not sure why the warrants aren't lower given the common's price, but it is what it is.
P.S. Just the opposite of Lucid Motors though LCID does not have such a big gap, more like a buck and a half.