Warrants have been holding up well. As I have a lot of VERBW in recent weeks I haven't lost so much in terms of percentage on the combination of my VERB and VERBW holdings as a result. There was a time when I was buying lots of warrants when they were less than 1/3 the price of VERB as I thought that was a really good ratio. In fact, due to that, I am very much in the green on the warrants, and they nearly make up for my losses on VERB.

So I think you could be right - as for a very long time VERB was 3x or greater the price of the warrants. The volume has been really low on the warrants lately, there really hasn't been a whole lot of trading on them, compared to historically.

It's definitely interesting, and maybe warrants do more accurately reflect the perceived value of VERB. At the moment, I'm pretty happy I picked up a lot of warrants when the ratio of VERB to VERBW was more than 3:1.