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Warrants are similar to options, in that the value of the warrant is limited by: the price of the underlying stock divided by the number of warrants needed to purchase a share. both expiring worthlessness if the stock price is below the total warrant exercise price; and the price of the underlying stock divided by the number of warrants needed to purchase a share. the trading capabilities of the exchange used. both the trading capabilities of the exchange used; and the price of the underlying stock divided ty the number of warrants needed to purchase a share. expiring worthlessness if the stock price is below the total warrant exrrise price