I feel you're correct on the warrants still having value.
Be careful with FORW. I don't trust George Sharp at all. I don't think FORW shareholders will ultimately benefit from money coming in from Humbl share sales.
Also, George didn't say he would hold his HMBL shares. He said he had no intention of disposing of any stock at depreciated values. That's a subtle difference expressed by a man (George) who may not be entirely honest. As I said before, George wouldn't be exercising warrants a year before they expire unless he intended to sell the shares immediately. I don't trust George.
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