I'm thinking sub $2 is a steal . Somebody plunked down serious cash for the offering and want to exercise those warrants warrants @ $2.25 . It wouldn't be worth the gamble unless they can get it back to at least $3 IMO & then they would need some serious volume to sell into .
Also the underwriter took the 525,000 share over allotment which is basically the same situation.
These guys wouldn't do this deal unless they knew they could turn a profit.
Any shares bought at this level are iin the money.
It will just be a couple of weeks before the serious news comes out and a new flock of investors bid up the PPS.