Updated post based on Charles input. The second

Updated post based on Charles input.

The second warrant owner would need to calculate the conversion price into their purchase price on the open market and as Charles said, there is actually some value to the time element even after the warrant exceeds the strike prices since you have the advantage of a leveraged investment although less than when it was below the strike price. I don't know what that value is, but using a formula should give it to you.

Numbers to make the math easier to follow

VERBW Warrant Purchase $0.43
VERBW Strike Price: $3.43
VERB SharePrice: $13.43
Intrinsic value: $10 ($13.43 - $3.43)

Warrant holders could exercise the warrant for $3.43, sell and profit $9.57
($13.43 - $0.43 + $3.43)

That would be a gain of 22 times your initial investment of $.43

OR

You could sell the warrant $13.43 - $3.43 + Time value
The time value is harder to pin down and there will be a little offsetting with the extra work to convert vs outright buying VERB. What the time value is valuing is the advantage to leverage your money somewhat similar to options. Let's call it 5%?

This would put the warrant value possibly at $10.50, but as I said, warrants are a bit more complex. You would still need to subtract out your initial investment of $.43 for a gain of $10.07

If this example is close, those numbers will come closer together, the closer to expiration.

There are calculators on the internet using the Black-Scholes Model to calculate warrants.