Ann: Nova Announces Pricing of US$3.3m NASDAQ IPO, page-27

Probably wanting to gain more funding. But I'm not sure why doing it as warrants instead of a larger raising.

Maybe the US investors weren't interested in investing any more right now, but management see the warrants as a way to likely encourage them to invest more.


But the 5 years adds a big time premium, making them more valuable like options, simply to encourage take-up of the regular shares in the IPO. A quite big bonus.

If it was me, I'd be waiting 4.5 years before converting...save my capital, while retaining the upside.