RE:RE:PI Financial suggests a current rating for VZLA as... They never said that(or at least I haven't seen a reference to it), they said that the warrant strike price is $3.25. That doesn't mean that it's the fair value.
Though personally considering the progress in the project over the past year it would make sense for the price to be higher then it is now. But it's not because of the past options and financing structure. It's also good to admit that it's July 2020 highs was a FOMO spike and didn't show its true value at the time which was probably less.
Still remain bullish and foresee a double(minimum) this year from here.