I am new at this so please excuse an uninformed question. Why would the time of exercise effect the value of the underlying stock? For example the price to exercise does not change once an option is bought. So if the stock it $5 or $10 it's the same price to exercise the warrant in my case $2.40 cents plus the cost of the warrant. Also the basis remains the same and I assume the warrant and share price will stay in equilibrium as a stock rises over time . So why is it preferable to wait to exercise the warrant. Am I all wrong?