RE: warrant value-baxpinBaxpin;
just one correction to what you said - not paying anything for time value. In fact, at under the strike price, what you are paying for (now) is exactly that - the time value of the option.
There are numerous pieces written on time value of options - and the warrants are exactly that - options. At the 70 or so cents, their entire price is time value. My guess is that the time value of the stock will get closer to $1.00 as the price moves to the exercise price of $3.75. For those keeping track, the Delta on the options, at a 40% volatility is .57 which means that the warrant value moves at .57 times the movement in the price of the shares. So, if shares move to $3.75 - ie., up 50 or so cents, then the warrants should move by .57 time 50 or about 30 cents more than where they are today.
The time value goes to zero as the time left on the option goes to zero.
Othen than the above, I have loved the C warrants (and not the Ds) and believe that they will make a lot of money. Unfortunately I also believed that early last year when I bought the shares and the warrants - with warrants at $1.70. I also loaded up three months ago when the warrant value was a lot less than its theoretical value. That has proven off handsomely, but holding on as I think that the Cs will move well beyond one dollar.
All of the above is based on a perfect market and that is not always the case. That may explain why the Cs trade somewhat off of their theoretical value. With a couple of more good releases this thing should be taking off.
best wishes to all.