RE:Question Each warrant gives you the right to purchase 1 TCF share for 50 cents until Jun 29 2025. You can exercise any time you wish by telling your broker you want to. However it would make no sense to do so until the price of TCF is worth 50 cents plus the price you pay for the warrants. So let's say you buy them right now for 25 cents. You are not making money until the TCF shares are worth more than 75 cents, the warrant price plus the exercise price. It's all about leverage. You can sell the warrants any time you wish, just like the shares. However they are thinly traded, so hard to get rid of big volumes. Let's say you want to buy 10000 shares at 50 cents. It will cost you $5000. If the TCF shares went to 1.00, you would make $5000. However, you could buy 20,000 warrants for $5000, and if the share price went to $1.00 the warrants would be worth 75 cents plus an time premium left. Instead of exercising, you just sell the warrants for $15000 and make $10,000. After the warrants are in the money (above the exercise price) they trade penny for penny with the share price plus any time premium. The time premium declines as you get closer to expiry. Right now the value of the warrants is all time premium as they are not yet in the money. Your 1 minute crash course on warrants.