The Fair Value represents the theoretical price of the warrant based on issuer's simplified pricing model, excluding interest and funding rates, issuer credit and dividends.

The calculations of the Fair Value are based on the Black-Scholes model. Please note that there are various models for calculating the fair value of a warrant and the results of such calculations may differ.

The Fair Value generated by this calculator is purely illustrative and does not reflect the current or future price of the warrant. The actual price of the warrant will also depend on additional factors, including issuer’s margin, bid-offer spreads and the other factors set out above (interest and funding rates, issuer credit and dividends).