Look at Red's post from yesterday regarding Viking Therapeutics (VKTX) and their warrants. Their warrants had less than 1 year before they expired, yet they were holding their value (relative to the stock) nearly the same as the first year they were issued. If the stock is higher than the conversion price plus cost of warrants then the warrants will still have good value. This is because you can always convert the warrants into stock below the price of buying the shares on the open market. It is only when the stock is below the conversion price that the warrants will lose their value with time.