My thinking is when the share price is $20, the wa

My thinking is when the share price is $20, the warrants should be at least $16 so that's 80% of the share price. Given that the warrants have been at a 3:1 ratio to shares, that's still equivalent to a lot more shares than if one had bought shares than warrants! At that point could sell some to generate the cash to exercise others, etc.