The strike price (a little over $10 if I remember correctly?) is by far the biggest factor, not the price paid for the warrants. People buying warrants 6 months ago will spend around $10.50 per share overall (the strike price plus the cost of a warrant) while people buying warrants today will spend around $10.10 and that's less than a 4% difference.
For him to double the return on his investment in 3.5 years, NB needs to go up around 13 times the current price.
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