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Emc issued a 2 5 year bond with warrants which had an expiry date of 1 0 years. The stock price of emc was currently

Emc issued a 25 year bond with warrants which had an expiry date of 10 years. The stock price of emc was currently trading at $20 and investors can exercise the warrants at a strike price of 25 within the first 5 years and $35 after the first five years. The reason for the stepped up strike price was

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