May I ask how to value the penny warrants?

Valuing warrants when there is a dilution (Black Scholes Model) \begin{tabular}{l|r|l} \hlineS & 3.14 & \\ \hlineK & 0.01 & d1=ln(S/K)+t(rq+sigma2/2)/ sigma*ssqrt(t) \\ \hline Sigma & 44.50% & d2=d1 sigma*sqrt(t) \\ Rfr & 1.76% & \\ \hline q & 1.95% & \\ T & 8 & \end{tabular} Valuing warrants when there is a dilution (Black Scholes Model) \begin{tabular}{l|r|l} \hlineS & 3.14 & \\ \hlineK & 0.01 & d1=ln(S/K)+t(rq+sigma2/2)/ sigma*ssqrt(t) \\ \hline Sigma & 44.50% & d2=d1 sigma*sqrt(t) \\ Rfr & 1.76% & \\ \hline q & 1.95% & \\ T & 8 & \end{tabular}