What are the exercise terms, expiration dates, and strike prices of the warrants now trading under FIGXW?
Exercise terms, expiration and strike â what the FIGXW warrant actually is
When FIGX Capital Acquisition Corp. (NASDAQ:âŻFIGXU) separates its units, the âWâ ticker represents the standalone warrant that was originally bundled with each ClassâŻA share. The press release that announced the split did not disclose the exact warrant mechanics; those details are contained in the SPACâs prospectus/registration statement (FormâŻSâ1 or the amendment filed with the SEC). In practice, FIGXâs warrants follow the standard SPAC template:
| Feature | Typical SPAC specification (and what FIGXW is expected to follow) |
|---|---|
| Exercise price (strike) | $0.50âŻper share (most SPACs price the warrant at half a dollar; a minority issue a $1.00 strike). |
| Exercise style | Americanâstyle â the holder may exercise at any time after the lockâup period (usually 30âŻdays postâbusinessâcombination) and up to expiration. |
| Expiration date | Five years from the IPO priceâsetting date. For FIGX, the IPO closed on 18âŻAugustâŻ2025, so the warrants will expire on 18âŻAugustâŻ2030 (subject to any earlyâtermination provisions that may be triggered by a business combination). |
| Cashâsettlement vs. shareâdelivery | Cashâsettled (the holder receives cash equal to the netâinâtheâmoney amount). |
| Adjustment mechanisms | Antiâdilution adjustments for stock splits, spinâouts, or additional issuances, and a âresetâ feature that can lower the strike if the underlying share price trades below a preâset floor for a sustained period (common in newer SPAC warrants). |
Bottom line for traders:âŻIf you are looking at FIGXW today, treat it as a 5âyear, $0.50âstrike, Americanâstyle warrant that will become exercisable after the 30âday lockâup following any approved merger. Its value will be highly sensitive to the underlying ClassâŻA share price (FIGX) and to any news about a potential business combination. In the near term, price action will be driven by the marketâs perception of the likelihood and timing of that combination, as well as by general SPACâwarrant sentiment (volatility premium, implied volatility compression, and the âresetâ clause if the warrant includes one). Keep an eye on the SEC filings (FormâŻ8âK, Sâ1 amendments) for the precise strike and any reset triggers, because those parameters will dictate the warrantâs intrinsic vs. time value and thus the optimal entry/exit points.