My understanding is this, and someone please correct me if I'm mistaken...

A warrant allows you to buy a share (of the new company, TMTG) for $11.50 after the merger. The current price of a warrant is $5.50 so if you buy that, plus the additional $11.50 to be paid post-merger, then your share will cost you $17 total, which is a $1 discount compared to buying the share ($18 currently).

This part I'm not fully knowledgeable about... but I believe that if the merger fails to go through then shareholders (DWAC) get refunded a set amount per share (around $11 if I recall) regardless of what price they bought at, so you have sort of an insurance policy if the merger doesn't happen. Even if you don't recover 100%, you can still recover something. Warrants on the other hand are just cancelled with no value if the merger doesn't go through.

When the odds of the merger being successful were more of a gamble (like a year or more ago) it was worth it to pay the premium to buy a share (DWAC) because you had the refund "insurance policy." That's why you could buy a warrant (DWACW) back then for a big discount (discount meaning compared to buying a DWAC share + the future $11.50 cost).

As the odds of the merger increase (like they now are) the discount for DWACW warrants decreases... meaning now, tonight, a warrant + the future $11.50 fee is only a $1 discount compared to buying a DWAC share. That $1 discount used to be much greater a year+ ago.

Someone please let me know if I'm correct about all that, because as someone holding both DWAC and DWACW I'd like to make sure that I'm understanding it correctly.