Nov. 20 at 10:27 PM
$PHIO Warrant shares DO NOT EXIST in the market unless the holders exercise them by paying
$2.05/share.
Since PHIO is trading at
$1.19, exercising warrants right now would be:
Paying
$2.05
For stock worth
$1.19
→ They would lose money.
So no exercises happen and no new shares hit the float at this price.