GRNA
GreenLight Biosciences Holdings, PBC Common Stock
stock NASDAQ

I didn’t read all the updates and full thread, but know that KLR warrants were exercisable on a cashless basis during the thirty day period after the TATA merger. If you didn’t exercise during that period, you are out of luck.

I have exercised many post-merger SPAC warrants and while it can take effort, I’ve never had issues exercising. Here are the most recent ones I have done:
• BGRY – this was the easiest to exercise. Received 35 cents a warrant. Instructions were on file with the DTCC. Received payment at end of 30 day period.
• GRNA – had some issues with this one. Company originally said the Capped American Call Option BS Value was 0.00063989. I emailed them and their counsel multiple times, provided Bloomberg calculations, and threatened to sue. Eventually they updated to 2.2 cents. Fidelity did not receive instructions from DTCC, had to have them contact transfer agent and company. Took a while to get them exercised.
• EMBK – was easy to exercise but pay-out came in lower than expected (received $0.0091).
• LVOX – it took almost two weeks to get exercise instructions on file, but received exactly what I expected ($0.1523)
Some things you have to watch out for are:
1. The companies don’t always publish the BS value in advance so you may have to estimate yourself and are taking a risk on the final pay-out
2. The BS value is highly sensitive and I don’t have confidence the lawyers always use the correct inputs (see GRNA and EMBK).
3. The longer the merger takes to close, the less time value on the warrants and lower BS value.
4. As soon as acquisition closes, you need to contact your broker to get process started because it can take 2-3 weeks to get instructions from company (and you only have 30 days!).
5. Acquisition can be bad for warrants if the stock is not volatile in the BS pricing period (see LVOX warrants, which went from like 30-40 cents to 15 cents on merger announcement).

I didn’t read all the updates and full thread, but know that KLR warrants were exercisable on a cashless basis during the thirty day period after the TATA merger. If you didn’t exercise during that period, you are out of luck.

I have exercised many post-merger SPAC warrants and while it can take effort, I’ve never had issues exercising. Here are the most recent ones I have done:
• BGRY – this was the easiest to exercise. Received 35 cents a warrant. Instructions were on file with the DTCC. Received payment at end of 30 day period.
• GRNA – had some issues with this one. Company originally said the Capped American Call Option BS Value was 0.00063989. I emailed them and their counsel multiple times, provided Bloomberg calculations, and threatened to sue. Eventually they updated to 2.2 cents. Fidelity did not receive instructions from DTCC, had to have them contact transfer agent and company. Took a while to get them exercised.
• EMBK – was easy to exercise but pay-out came in lower than expected (received $0.0091).
• LVOX – it took almost two weeks to get exercise instructions on file, but received exactly what I expected ($0.1523)
Some things you have to watch out for are:
1. The companies don’t always publish the BS value in advance so you may have to estimate yourself and are taking a risk on the final pay-out
2. The BS value is highly sensitive and I don’t have confidence the lawyers always use the correct inputs (see GRNA and EMBK).
3. The longer the merger takes to close, the less time value on the warrants and lower BS value.
4. As soon as acquisition closes, you need to contact your broker to get process started because it can take 2-3 weeks to get instructions from company (and you only have 30 days!).
5. Acquisition can be bad for warrants if the stock is not volatile in the BS pricing period (see LVOX warrants, which went from like 30-40 cents to 15 cents on merger announcement).