G, you could be close. 100K warrants traded / crossed on March 11, for $0.25. Now 100K warrants traded on April 11, for $0.50. Exactly 31 days! This would have to be an "arms length" transaction, not just a transfer between accounts. The problem here is that the first seller at $0.25 may have a loss, while the first buyer, assuming he is now the seller, has a $0.25 gain.

Buying the warrants at $0.50 Time Value makes little sense. If NOT goes up $0.95 you double your money on the stock, while a warrant would barely twitch. This is not like an option with a Delta of 0.99! As stated earlier, there is no profit until the stock trades above $4.50.

Deke