Leaving aside the differing expiration dates...the $2.05 warrants expire in June of 2021, while the $4.60 warrants don't expire until 2023.  That's lots of runway in either case....yet I can't get over how much higher the $4.60 warrants are trading versus the $2.05 class.  

The $4.60 warrants have a bid/ask of $0.75/$0.88 as I look right now. Meanwhile the $2.05 warrants are at $0.60/$0.80, again as of this writing.  

If I was buying right now....wouldn't it make sense to buy warrants that convert at $2.05 as opposed to $4.60???  The market though is saying that the $4.60 warrants have more value though.