When warrant are converted.. the company gets capital to pay debt or investment. Frontken has not much debt. So they'll use the capital for expansion. At the same time. Warrant circulating in the market will be lesser. If demand stays the same or goes up..warrant price will go up

If chairman’s goal is to collect more shares he would just buy it from open market. But the money goes to whoever selling. Frontken was buying back shares to push it back above 4.00. The warrant chairman warrant convert to mother share and exercise value of 4 ringgit per share goes to raise capital. Warrant doesn’t go to waste. Chairman gets mother shares for lower price. Money he used to exercise goes to the company. Unlikely chairman will be dumping warrant.

“Frontken was buying back shares to push it back above 4.00.” --- this sentence attracted my attention, and i believe the logic behind it. the problem is how long can other warrant holders wait? the expired date is may next year, if you want to convert, you need 4 months to execute, is that correct? this actually shorten the warrant life.

given the same other variables except the strike price, otm warrant tends to have much much lower premium compare to itm warrant because it has no intrinsic value.

This is especially true when it is getting close to the expiry and during the bear market. Hence it has completely lost sync with mother share price since a few months ago...