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The drop threw me for a loop as well. The warrants had an issue of record date of May 7. I thought the value from the warrant came out of the stock price then (remember the stock was in the 40's).

The warrants traded on a when issued basis between May 7 and May 29. I don't completely understand this. If I would have sold my GSB shares on Friday (@ 38) would I still have GSBNZ today?
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