WTRHW - NRC Group Warrants: Too Cheap By A Wide Margin
On Friday after the close, Waitr (WTRH) announced a tender to its warrant holders that they could exchange their warrants (WTRHW) (half-warrants) for .18 shares of Waitr stock. With warrants trading at $1.61 per half-warrant, and shares at $12.30, this represented value of $2.214 per share, or a healthy 38% premium. On a full warrant basis, that represents approximately $4.43 per share. With that as back-drop, we thought we'd revisit NRC Group's warrants (NRCG.WS) which we believe are profoundly undervalued based on the price of underlying NRC Group (