Simple. Bonus shares. With that consideration you

Simple. Bonus shares. With that consideration you are buying at $.26. Also, we have to remember that we aren’t expecting this company to pay out at $1-$5 per share, more like $20/share. So the benefit of owning more more shares far outweighs any short term concessions you may take to convert. The game for warrants holders is to get the most shares regardless of cost basis