Warrants
A warrant is a right to buy shares later, at a stated price. Exercise can create shares. Not advice.
A right, not a share
A warrant is a right to buy shares at an exercise price, before an expiry. Until it is exercised, it is not a share in circulation.
Exercise is usually with the company. The shares delivered can be new shares. That is a possible path to dilution, not a sale already done.
The written price
The exercise price and the expiry are in the filing that describes the warrant. A quote above that price does not mean holders exercise today.
A reverse split often adjusts the count and the exercise price. You read the adjustment in the filing. You do not recompute it from memory.
This is not financial advice.
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