Warrants There are no differences in the terms of the various warrant series, apart from their Strike Price and Expiry date.
I'm not sure why there is so much confusion. The PTA.WT.B were a much better buy for the last 6+ months, as they have a strike price of 0.35/sh vs 0.75 for the PTA.WT. They expire 5 months sooner, but it is certainly out-weighed by the significantly lower strike price. They should be worth more that the PTA.WT, and the closer the SP gets to 0.35/sh the faster they will overtake the PTA.WT's.
In a rollback, both warrants get rolled back, and the strike price gets increased. i.e on a 5-1 rollback, you get 1/5th the warrants and 5 times the strike price. Sounds like a double whammy, but it is not. EG. PMD.WT, PRE.WT, GCM.WT, etc. Definitely bad for the warrants IMO if there is a rollback.
example.
stock = $2.00/sh. warrant strike= $1.50/sh.
if you own 100 warrants, value = 0.50/sh x 100 = $50.00
now do a 5-1 rollback.
stock at $10.00, warrant strike is now $7.50/sh
you own 20 warrants, value = $2.50 x 20 = $50.00
NO CHANGE.
however if the stock is below the strike price, warrants get nailed IMO. Also, the time value erodes quicker in my experience.