Why it's better for long term - If you want to buy and hold a stock long term, it's because you believe in it's long term growth potential. So, DWACW is better suited for a couple of reasons: 1) While you can trade them like a regular share up until the point that the merger goes through, once that happens, you'll have to wait until the waiting period ends in order to buy the actual shares of the new company. 2) The price per share is roughly half that of a regular share at current price once you add the $11.50 back into the price you paid for the warrant - this is a concrpt I like to call "Buy low, Sell high",