The warrants seem to somewhat guarantee a SP fall in US.
Anybody selling for a 20% loss today, but keeping the warrant, is in effect paying 20% of the IPO price for the warrants. Sounds like a reasonable investment. The warrants are only at a 5% premium (to listing price).
But anybody buying on market now, gets a 20% discount, but full downside risk, with no bonus warrants.
It's too good of a deal not to sell on market at a smallish loss and keep the warrant. While it's less of a great deal to buy the shares on market with no warrant.
So it'll take some time for buying demand to appear. Eg. if the SP falls, so the SP is relatively low compared to the warrant conversion price. Or if it's long enough that people forget that they missed out on the bonus warrants. As for us on ASX - bad luck. No discount, no warrants, just dilution. Only lucky, if it turns into a grant etc.
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