Babaoriely, As you state in your post it is hard to break down and try to calculate all the math with the warrants. I have come to the conclusion that the warrants value is viewed different amongst ones fully converted price. I hold 57,500 warrants and my fully converted price into stock would be $3.35. So instead of looking at my position as warrants can I now not look at it as holding 34,500 mnkd shares since I am now in the money? Obviously it won't trade in tandem with the stock. I feel as the stock hopefully continues to rise the warrants will trail as a percentage bases because the fully converted price to new buyers will make them prefer options. Although this may be the case to new purchasers this is not necessarily my case as I'm already in the money. In my case I have always felt I will need to exercise the warrants and then sell the stock if I am to maximize my profit and want to close out my position. Due to this I feel the dismal liquidity of the warrants will only get worse as more are converted. Thoughts?