execise price 52 cents.
The 82 cents is for the second warrant.
In 5 years, PLI will have to reimburse the loan of $ 10M, including the accrued interest, for a total of $ 15.6M.
If Thomvest exercise the second warrant, the calculation give an amount of 19M shares.
So, 19M shares for $ 15.6M give an average price of 82 cents.