One other point that I don't understand well with SPACs warrants. Once the merger has completed, it doesn't seem like the warrant price really tracks the underl

One other point that I don't understand well with SPACs warrants. Once the merger has completed, it doesn't seem like the warrant price really tracks the underlying stock with weird situations where the warrant is priced below intrinsic value. Is there a straight arbitrage to make there or am I missing something?