My 2 cents Bear, I think of the warrants vs shares in terms of the ratio on the day you buy. That ratio has seemed to vary between 2+:1 to 3:1 warrants to shares. Warrants can be exercised at $2:05 and once in the money will likely trade close to or at share price minus exercise price (arbs won’t let it get too out of line).

The rough break evens for the range are as follows and after that point the warrants will have been the better buy. At 3:1 and a $3.05 share price 3000 warrants net value is $3000 and 1000 shares net value is the $3050. At 2:1 and a share price of $4.05, 2000 warrants net value is $4000 while 1000 shares value is $4050. 

Last week we hit the 3+:1 ratio for a while just as we did last year when I was talking about this when shares were $1:30 - $1.40 ish and warrants were 30 - 40 cents.  Hope this helps