Elena closed her laptop. She wasn't just a spectator anymore; she held a claim on the future.

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She now held 1,000 warrants. She hadn't spent $45,000 to buy the stock; she had spent $3,200 to control the same number of shares. If AeroVantage climbed to $60, her "coupons" would skyrocket in value, and she could either sell the warrants themselves for a profit or pay the strike price to claim her seat at the table.