The dividend is factored into the price in the days or week...

The dividend is factored into the price in the days or week before the ex-div date. Traders know that the stock price will drop in line with the div amount, thus accounting for this in the warrant pricing.

Think about it in terms of traders trying to make profits out of an inefficient market. Obviously if everyone knew that the put warrant value would increase after div, then everyone would buy and lockin an instant low risk profit. The more traders who take advantage of this "arbitrage" opportunity increases the price so that the warrant trades roughly in line with the post-div price.

Hope this helps.

The Bull