karins: the CNAM warrants are worth far more than $0.27 ! It appears that you have misinterpretted the Black Scholes options formula. I would conservatively value them at $1.50, but $2 is more likely. However that presumes no early call feature, which would significantly diminish their value.
I would love to pay $0.27/share for a 5-year option to buy CNAM at $7.5. Actually, I am even willing to pay 4x of that. Are you willing to sell it to me? (We can start with 100 contracts.)
PS.
CNAM has a very high volatility. The volatility will increase the value of the option significantly.
I do not know CNAM's volatility, but it should be similar to RINO (51%) or YONG(57%). If volatility = 51%, CNAM's option value = $2.02.