To convert warrants to the actual share you need to pay another 11.5/share.

So if you have 10 shares, you need 115 plus possible broker fee to convert the warrants to actual dwac shares.

If you paid $10 for DWACW, when the merger completes you can convert the warrants to DWAC for $11.50/share

$10+$11.50 = $21.50/ share of dwac. So if dwac was at $100. Then you just made $100-21.50/ share

If the DWAC price was lower than $21.50 then you lost money.

To convert warrants to the actual share you need to pay another 11.5/share.

So if you have 10 shares, you need 115 plus possible broker fee to convert the warrants to actual dwac shares.

If you paid $10 for DWACW, when the merger completes you can convert the warrants to DWAC for $11.50/share

$10+$11.50 = $21.50/ share of dwac. So if dwac was at $100. Then you just made $100-21.50/ share