I would argue that the smart money is buying the SSL.WT warrants. 1 extra year of time to expiration and virtual zero time premium.
Now if you look at the $10 warrants, the time premium is roughly $1. So, if there was a $3 warrant then its time premium s/b roughly $0.15 (if there was a $7.50 option then I'd expect a 50 cent time premium, a $5 option then a 25 cent time premium and if a $2.50 option then a 12.5 cent time premium). But the expiration on SSL.WT has an extra year so the time premium s/b at least 25 cents. Ok. Maybe 25 cents is high but zero is certainly too low.
So IMO the smart money is buying the SSL.WT instead of the SAND options.