Hey, Goyo, you'll have to settle for Baba for now. The warrants are excercisable at any time until expiry. For example, tomorrow, I could exercise 1000 Feb 8, 2016, warrants, and buy 600 shares for $2.40, to cover, but I would have to fork over $2.40 x the number of shares I'm purchasing. That would eliminate the short position as to that number of shares.

That would not be the ideal way to conduct business, though, because when you exercise this early, you lose the time value of the warrants. Probably better off selling the warrants and throwing the cash proceeds at the margin call caused by the short position.

As far as the Feb 8, 2016, warrants, here's a rough way to figure a "fair" value of same, beyond the price actually quoted (not a bid/ask situation, as you may recall). The Jan 2015 $2.50 call option (using $2.50 as it is so close to the $2.40 exercise price of the warrants) currently trades for about $2.95, so that's $2.50, plus $2.95, or $5.45, for a $.32 premium over today's close of $5.13. I would add another .28 (to make it easy) of time value for the extra year (12.5 months actually) between Jan 20, 2015 and Feb 8, 2016). So, I'm ascribing .60 of time value total to the price of the shares.

So, if I add .60 to $5.13, I get $5.73. Now, if I subtract the $2.40 from the $5.73, I get $3.33, and if I multiply that times .6 (due to the warrant/share exchange rate), I get, for all intents and purposes, $2.00, which is a bit higher than the price at which the warrants, which admittedly trade sporadically, closed today.

I'm sure there are better and more accurate ways to do the above, but that's more or less what I do.