I have been doing some DD on the warrant side of stocks.

Let's take K as an example. I buy one "C" warrant for say $3 and strike is $32. Is it a correct assumption that after $35 and there is still time left, the profit starts? At $40 I have made $8 per, $50 - an $18 profit?

If this is true then a warrant purchase may make lots of sense if you have the belief that the POG is going up and the SP is going with it within the 5 year time window.

I remember in one of the NRs that the MMs tendered so they can get the warrants and probably sold the K commons.