The offering (not IPO) had a “unit” priced at $4.25. The unit consisted of one common share and two tradeable warrants.
The warrants were immediately tradeable upon the uplist and were doing so in the $0.50-$0.70 range out of the gate so the unit buyers could immediately recoup anywhere from $1-$1.40 if their $4.25 investment. That then lowered their cost basis for the common share to high $2’s to low $3’s.
But given the trading and price action the first day, it would appear that even some of the subscribers lost money as the price of the warrant price and stock price combined did not stay above the unit price for very long.