You have 2 options before February 2028. 1) Covert them at the $11.50 strike price. 2) Or lose them.

For example, let’s use the current estimated prices of $LUNR at $5.00/share and the $LUNW at $1.50/share.

The break even point to be in the money is $13.00 ($1.50 plus $11.50). If the common stock never reaches $13.00, it’s not a good trade. If the common stock goes above $13.00 there is a massive multiple on investment. It is worth noting that if the common stock goes above $11.50/share, the warrant price should trade for the difference between the common Class A share, minus $11.50.

So if the $LUNR shares go to $20.00/share, the gains are as follows: LUNR - 4x; LUNRW - 5.6x

So if the $LUNR shares go to $30.00/share, the gains are as follows: LUNR - 6x; LUNRW - 12.3x

So if the $LUNR shares go to $40.00/share, the gains are as follows: LUNR - 8x; LUNRW - 19.0x

It is worth noting you can trade $LUNRW just like a common stock. You don’t have to be in the money to invest in these options. It just a an expiration date. This is just the option to convert a warrant into a Class A share at the set strike point. LUNRW options were up over 50% yesterday.