Potential Underpricing of CDT Warrants?

I was looking into CDT's two call warrants expiring 31 Dec 2023 and 31 Dec 2024, and at last prices, their implied volatilities (based on the standard Black-Scholes model) are around 55% and 62%, respectively.

I thought this was expensive at first, but then I looked into the historical volatility of the underlying: CDT's stock price, and it seems on many timeframes, the historical volatility is insanely high, suggesting the warrants are potentially underpriced?

Any explanations for this? Low liquidity, perhaps?

Historical volatility was calculated as annualized standard deviation of log returns, by the way.