You are right especially if you look at it long-term because you are deferring that larger cash outlay until the end. If you were doing it short-term, the stock would seem better as you doubled your money vs. only made 50%.

Remember you are coming up with a lot of money at the end $3400 to make that additional profit. Where as the other way you only came up with $600 ever. Can you do a cashless sell with warrants like you do with options, I don't know.

Some other things I didn't point out yesterday.

The warrants will rise in value if the stock increases because of the intrinsic value I mentioned. Now if you were going to exercise them anyway, that doesn't help you, but it does if you were going to sell the warrants later on. Your .60 could be $1.20 at a minimum if the stock was at $4.80.

Warrants may not be as liquid as the stock since their are not a lot of them at the moment. Might not matter if you were selling a small chunk, but would if you had a lot to sell.

What is cost to exercise those warrants I didn't' look into.

As I mentioned anyone buying or selling warrants should do the math and the research like you did as I don't want to hear it later on, redspeed told me to buy them. There are risks with everything.