Warrant Value General Modems has fi ve-year warrants that currently trade in the open market. Each warrant
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Warrant Value General Modems has fi ve-year warrants that currently trade in the open market.
Each warrant gives its owner the right to purchase one share of common stock for an exercise price of $35.
a. Suppose the stock is currently trading for $33 per share. What is the lower limit on the price of the warrant? What is the upper limit?
b. Suppose the stock is currently trading for $39 per share. What is the lower limit on the price of the warrant? What is the upper limit? LO.1
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