$SPCE For all asking about the warrants, it is a very complicated decision. There are many factors. It’s nowhere near as simple as any combination of options to understand, bull spreads, straddles, iron condors, have nothing on trying to compare common stock vs warrants vs calls here. The reason is simple. Virgin Galactic has the right and will very likely redeem warrants for shares of the stock trades above $18/share for at least 20 days in any 30 day period after October, 2020. So what does that mean? Well, if between now and 2024, Virgin Galactic common never exceeds $15.60/share and you bought the warrant at the price today, you will almost without question lose money. If the stock shoots up well above $18 before October, the warrants will be trading well in excess of $6.50. Intrinsic value plus time. $6.50 would be a 60% move, compared to about 40% on the stock. The upside is greater but so is the volatility. The fact that the warrants got down under $2 is both good & bad.