FBYDW
Falcon's Beyond Global, Inc. Warrants
stock NASDAQ Warrant

deSPAC Falcon Beyond ( FBYD FBYDW ) shot up 36% today to $19.10 today, essentially doubling since earnings were released last week.
Falcon Beyond warrant holders amended the warrant agreement in 2024:
"[The Warrant Agreement Amendment provides for the mandatory exchange](https://www.sec.gov/Archives/edgar/data/1937987/000121390024106568/ea0222429-01.htm#:~:text=The%20Warrant%20Agreement%20Amendment%20provides%20for%20the%20mandatory%20exchange) (the “Warrant Exchange”) of the Warrants for shares of Class A Common Stock at **an exchange ratio of 0.25 shares of Class A Common Stock** per Warrant (the “Exchange Ratio”), **to take effect on October 6, 2028** (the “Exchange Date”). **After the effectiveness of the Warrant Agreement Amendment and until the Exchange Date, the Warrants, as amended by the Warrant Agreement Amendment, will not be exercisable and the holders of the Warrants will have no further rights except to receive shares of Class A Common Stock at the Exchange Ratio on the Exchange Date.**"
So FBYDW are not exercisable, and will mandatorily exchange for .25 shares of FBYD in about 2.5 years.
Which explains why FBYDW are closed at $2.72 today.

deSPAC Falcon Beyond ( FBYD FBYDW ) shot up 36% today to $19.10 today, essentially doubling since earnings were released last week.
Falcon Beyond warrant holders amended the warrant agreement in 2024:
"[The Warrant Agreement Amendment provides for the mandatory exchange](https://www.sec.gov/Archives/edgar/data/1937987/000121390024106568/ea0222429-01.htm#:~:text=The%20Warrant%20Agreement%20Amendment%20provides%20for%20the%20mandatory%20exchange) (the “Warrant Exchange”) of the Warrants for shares of Class A Common Stock at **an exchange ratio of 0.25 shares of Class A Common Stock** per Warrant (the “Exchange Ratio”), **to take effect on October 6, 2028** (the “Exchange Date”). **After the effectiveness of the Warrant Agreement Amendment and until the Exchange Date, the Warrants, as amended by the Warrant Agreement Amendment, will not be exercisable and the holders of the Warrants will have no further rights except to receive shares of Class A Common Stock at the Exchange Ratio on the Exchange Date.**"
So FBYDW are not exercisable, and will mandatorily exchange for .25 shares of FBYD in about 2.5 years.
Which explains why FBYDW are closed at $2.72 today.