Higher imho! People who take 25 cent warrants, means they pay 25 cents per share. That would mean they expect BMOD stock price to be higher than that 25 cent floor price. They wouldn't pay 25 cents per share to break even and sell at .25 one would assume.
If you assume that these guys are in it for at least 50% (just a guess) then you can assume they think BMOD will trade at or above .375 before the conversion period runs out (August 31, 2011).
They get paid interest at a rate of 10% annually, but that means they would make about 10% between now and August 31. They certainly are not playing for 10%.
It is actually unusual to see a convertible issued with less than a year to run. That CLEARLY signals an expectation for a move to occur soon.
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