Put Warrant conversion ratios

  1. 345 Posts.
    Can anyone help me with put warrant conversion ratios? Let's say I'm looking at a ncp put warrant with an ex price of $12.50 and a conversion ratio of 4:1. When am I in-the-money if the last sale was 20 cents? Is around it around $11.70 i.e. 4 times 20 cents? Help appreciated.
 
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