sorry if I keep asking dumb questions. am learning from all sifus here.
why when warrant expired, the stock will fly back ya?

lots of call warrant maturing now is pre-covid, so very cheap.
those that bought prior to covid will earn big.
1. 99% of the call warrant out there is not convertible to mothershare, but using cash settlement when matured, aka the issuing party will pay you money in cash for the differentiate value between the conversion price vs mothershare price.
2. Not necessary, it depends on its conversion price/exercise price. Mothershare price > exercise price, the warrant has its value.
3. Yes, if the mothershare doesn't rise above Rm2.5, the warrant worth nothing when matured. It is more "worth" on paper to buy the mothershare directly.
But for speculator pov, why the warrant is not trading at 0.005, since it worth nothing currently?
Eg. with buying mothershare now at Rm2.2, then if on 2019, it rises to Rm3.5, you earn Rm1.3
1.3/2.2 = 59% gain
With buying CW at RM0.115, the CW worth at Rm3.5 = (3.5-2.5)/4.5 = RM0.22
You gain 0.105
0.105/0.115 = 91% gain, aka gearing effect.
Another point is, you need lesser capital with CW compared to mothershare but at the expense of paying the premium price.
CW biggest enemy is always time, aka its worth shrink when approaching near and nearer to maturity.