I like that approach! I originally thought that as we pass the strike price, the warrants would be less than the share price, by that amount ($3.44) or slightly more.

After looking at the scant info I can find on warrant evolution, one article did put the warrant price closer to the share price (after reaching strike price) than the obligatory spread. The actual difference between the two, depending on all of the influences that have been mentioned.

Also, to great mathematical minds like mine (sigh) even if warrants stayed lock-step $3.44 behind the SP, the higher the SP goes, the closer the ratio..definitely a plus as we get closer to Thunder's $100 SP!