Warrants question pls

  1. 228 Posts.
    I am looking at index warrants, which is completely new to me.

    I noticed in the put warrants, that the issuer can change the strike price (eg. in the S&P 500 puts, the strike was adjusted from 1100 down to 900).

    Can someone tell me what happens for the holders of the warrants when the strike is changed? I assume this kind of change is done arbitrarily by the issuer?
 
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