SAB Biotherapeutics Wt halted, trading halt (D) — resumes 00:00:01 Eastern

SAB Biotherapeutics' warrants (ticker SABSW) have been placed under a trading halt coded "D," a regulatory halt category that typically reflects a news-pending or other non-public-information condition rather than a fundamental change disclosed in the headline itself. The halt is scheduled to lift at 00:00:01 Eastern, which is effectively a midnight resumption, indicating the halt is tied to the exchange's pre-market or overnight trading session rather than an intraday suspension. The transmission mechanism here is primarily liquidity and information asymmetry: while the halt is in effect, price discovery is suspended, so any news that prompted it is absorbed in a single reopening print, which can produce a gap in the warrant's price. Warrants on a small-cap biotech are especially sensitive to moves in the underlying common stock (SABS), since their value is tied to the stock price, exercise price, and remaining time to expiration, so the reopening will largely reflect whatever update drives the halt in the parent equity. Traders should watch the first prints after 00:00:01 Eastern for the spread width and volume, along with any exchange notice or company press release that clarifi

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