VRXA
Veraxa Biotech AG
stock NASDAQ

Because the warrants cannot be exercised until 30 days after the business combination closed, which was around June 10. So until July 11, the warrants cannot be exercised.
"Duration of Warrants. [A Warrant may be exercised only during the period](https://www.sec.gov/Archives/edgar/data/2006815/000182912624004306/voyageracq_ex4-4.htm#:~:text=A%20Warrant%20may%20be%20exercised%20only%20during%20the%20period) (the “Exercise Period”) (A) **commencing on the date that is thirty (30) days after the first date on which the Company completes a Business Combination**, and terminating on the earliest to occur of: (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which the Company completes its initial Business Combination,"
VRXA is a low float play. By July 11, that may very well be over and VRXA less than $10 or even less than $5 per share. That is why the warrants are priced where they are.

Because the warrants cannot be exercised until 30 days after the business combination closed, which was around June 10. So until July 11, the warrants cannot be exercised.
"Duration of Warrants. [A Warrant may be exercised only during the period](https://www.sec.gov/Archives/edgar/data/2006815/000182912624004306/voyageracq_ex4-4.htm#:~:text=A%20Warrant%20may%20be%20exercised%20only%20during%20the%20period) (the “Exercise Period”) (A) **commencing on the date that is thirty (30) days after the first date on which the Company completes a Business Combination**, and terminating on the earliest to occur of: (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which the Company completes its initial Business Combination,"
VRXA is a low float play. By July 11, that may very well be over and VRXA less than $10 or even less than $5 per share. That is why the warrants are priced where they are.