The $6.15 Exercise Price is Misleading for BBBY
I have seen a lot of posts on the $6.15 exercise price. First of all, we don't know what the buyer paid for this, but warrants are like an option, there's a premium, and I'm betting it's $1-2 per share at a minimum, so none of these holders will exercise theier warrants at $6.15.
Second, and more importantly, what matters isn't the exercise price, it's the valuation of the company. If we are going with a 1:1 Price to Sales ratio, BBBY should be valued at approximately $43 per share on $5Bn in annual revenue. So even though we will get diluted with this new entity, we may never have reached "fair valuation" without them. Furthermore, if we believe there are naked shorts and high likelihood of a squeeze then the stock price can go much higher than $43 per share.
I am by no means a financial expert but from the investing knowledge that I have acquired over the years there is a lot of upside for BBBY. Currently it is trading at $2.60 per share. It's simple math folks.