You need to convert them at $3.44 each to get one share of stock. Or, you can hold onto them, or sell them after awhile and then buy stock. There's tax considerations either way as when you convert them, whatever the difference is between the price of the stock at the time of conversion and $3.44 is taxable as regular income. If you sell them you pay taxes, but could be long term gains if held long enough, and the proceeds could then be used to buy stock.

Of course warrants that are converted provide cash to the company, but also generate new shares so those warrants dilute the stock a little.