Say I buy a warrant at $0.68 an the price rises to $5. It would make sense for me to exercise the warrant, paying another $4.73 to get the $5 shares.
However, note that I would still be under water, because my total cost for the shares would be $0.68 + $4.73 = $5.41. So, I'd have paid $5.41 to get a $5 share of stock. Only if I paid less for the warrants or if the price of SURG goes up higher than $5 would I end up a winner.
So, somebody buying the warrants for $0.68 is either believing that the price will go up past $5, or they are hoping they can sell the warrants (for a higher price) to someone who believes that the price will go up past $5.
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