BNTC verses BNTCW

Perhaps one of our American colleges can give us an insight to how BNTCW is quoted at $1.40 but the parent share is only $1.80?

"SYDNEY, Aug. 18, 2015 /PRNewswire/ -- Benitec Biopharma Limited (NASDAQ: BNTC; NASDAQ: BNTCW; ASX: BLT), a clinical-stage biotechnology company, is pleased to announce the pricing of its U.S. initial public offering of 1,500,000 American Depositary Shares[1] (ADSs), representing 30,000,000 fully paid ordinary shares of Benitec and warrants to purchase 500,000 ADSs, representing 10,000,000 fully paid ordinary shares, at a price of US$9.21 per ADS and US$0.01 per warrant. Each ADS represents 20 ordinary shares of Benitec. The warrants will have a per ADS exercise price of US$5.50, are exercisable immediately and will expire on August 21, 2020. Benitec has granted the underwriters a 45-day option to purchase up to an additional 225,000 ADSs and/or 75,000 warrants to purchase ADSs to cover over-allotments, if any."

So warrants that cost 1c are now being sold for almost the price of the Share? Nice profit.

Confused!! Maybe I should start studying the Grid Iron game!