"Each Class A Warrant entitles the holder to purchase, at any time until December 15, 2005, 1.072962 shares of common stock at an exercise price of $4.66 per share, subject to customary anti-dilution adjustments"
4.66 PER share. They entitle you to 1.07 shares but the .07 will cost you about .33 which means the 1.07 will cost you 5.
In other words, the the terms were adjusted because of the anti dilution provision to be 1 warrant plus the original 5 dollar ex price now buys you 1.07 shares. Big difference, which explains where they're trading.
They're not worth what you and others are claiming.