How to calculate the cash settlement value of a US Stock Warrant at expiry?

There are a few difference between calculation of settlement value of US stock warrants vs Hong Kong stock warrants.

Exchange rate factor

Call warrants:

(average closing price – strike price) / number of warrants per entitlement X no. of units X exchange rate

Put warrants:

(strike price – average closing price)/ number of warrants per entitlement X no. of units X exchange rate

Regarding the Exchange Rate, for USD denominated warrants, the Exchange Rate is 1. For HKD denominated warrants, the rate of exchange between United States dollars (“US$” or “USD”) and Hong Kong dollars (“HK$”) (expressed as the number of units of HK$ per 1 unit of US$) at or about 4:00 p.m. New York time on the Last Valuation Date (one trade day prior to expiry) as determined by the Issuer by reference to the mid quote as per the rate “USDHKD” on Bloomberg page BFIX. If such screen rate is not available for any reasons at such time on such date, the Issuer shall determine the exchange rate in a commercially reasonable manner.

Note: If the USD appreciates during the valuation period, the settlement price (in HKD) of the HKD denominated warrants increases, vice versa.

Average Closing Price = The arithmetic mean of the closing prices of one Share for each Valuation Date.