Yessir, If what you are asking is: How do broker dealers position themselves when Stock Warrants are in the mix from financing activities?

First, Warrants are risky because of their expiry and illiquid nature.

Unlike stock options (puts and calls) which can be shorted, Warrants cannot be, even by broker dealers it is prohibited by SEC rules.

Also there are many tax consequences with Warrants, and options alike, that could trip up even the most experienced investors.

That said, the stock equivalent of a warrant position can be shorted at the current price in lieu of exercising the warrant, but there would have to be intrinsic value in the price of the stock to make that a reasonable way to lock in a profit.

My thinking with respect to the ELVA warrants, and you are correct they would have repriced is this, those particular holders are sophisticated enough to know that you need to find a "locate" to short shares, namely the prime brokerage where they do business has to approve their short selling of the common with an equal amount of shares hypothecated in the event of an upside surprise and to avert causing a potential for a "buy in", naked short selling is not legal. Keep in mind that selling short into a closely held float, is too risky for retail and most Institutional investors. As these warrants get close to expiring ELVA can cancel and reissue to an later expiration. But with the potential for a non dilutive PIPE you'd be a foolhardy risk taker  if you are shorting more than your warrants and "good borrow" will convert cover. One sure fire way to "burn the shorts" is to hold your shares in a cash account (at this price they are not marginable any way) namely not hypothecated and cannot be ousted by broker's to be borrowed by another customer.

Second and lastly, this is not a "spinning around the drain pipe" story on the contrary, therefore shorting is a fools bet, any large insider buying when they already hold ~60%, a non dilutive PIPE deals will send us past the new conversion rate and beyond if there is a big a short position as all that have been posting here believe.

I'm not certain this satisfies your question but it's my opinion and only an opinion.