RE: WarrantsThe reasons for the thin Warrants are:
1. the Warrants are very low at 1.2 million shares;
2. most warrants are being held by the institutionals who got them at its IPO in 2007;
So, not many Warrants are in the public markets.
I've been also watching it and try to buy some warrants at proper prices, but failed. You can see that there are very few shares at ask sides, actually.
As the ZAZ is keeping going up, the warrants might outperform the common, I guess.
jmho.