$SBE warrants are extremely undervalued. Warrants are a 1 to 1 conversion. You can redeem the warrants by paying 11.50 per share. So at the current price (5.20), you can redeem for a common stock priced at 16.70. If anything the warrants should be trading at a higher premium to the common stock, not lower. It won’t be this way for long. Look at $RIDE commons to warrants.