Okay....the RVX.WT warrants are trading around 45 cents.  So I decide to buy 1,000 warrants and that costs me $450 plus trading costs.  These warrnts give me to right to puchase up to 1,000 shares from the company for $2.05 for up to the next four years...so June of 2021....Obviously I'm not going to do that with the PPS down around $1.30....if RVX gets to $3, then I can excercise the warrants and give the company another $2050 and they'll hand me 1,000 shares.  

If I paid .45 per warrant, then I need the PPS to get over $2.50 for these warrants to have any profit potential...$2.05 + the .45 I paid for them.  If the PPS stays under $2.50, then there's no point....the warrants will expire and all I will have is a tax loss.  If the PPS for RVX gets to $3....then I'll have just a nice % gain....I'll have paid almost $2,500 ($450 for the warrants and another $2,005 to excercise them) so I'd be up about 20%.  

Selling the warrants makes a lot of sense though....Participants in the offering got a share and a warrant for $1.80.....so sell the warrant and get 45 cents, that means the shares were bought for $1.35....if the PPS recovers to even $2, then participants in the offering have nearly a 50% gain, while the people who bought the warrants are still underwater.