I think yes, but it is not usually. The name could be "Warrants out of the money"... ???
I remember MEI Pharma... I think there are some warrants at $7 (5 years warrants to 2017) that were issue when the share price was $3 in 2014. In the same announcment Vivo Ventures bought 25 M dollars too. But I am not really sure. It is only an example... but not 100% sure..
GLTA