When the warrants started trading on June 20th they opened at 30 cents....now I'm seeing them trading at 55 cents.

Of course they're still a long way from being "in the money".....

Anyone buying the warrants with the thought of converting them into shares...obviously they're going to want to see the PPS for RVX at $2.05 + the amount they paid for the actual warrants.

Right now someone who bought the warrants when they first started trading at 30 cents, they need to see the PPS for RVX above $2.35 for it to be worthwhile....but that's only if they're thinking of converting them. 

The warrants themselves can be traded of course, and with them trading at 55 cents now....that's an 83% jump from where they started trading at 30 cents.

RVX by contrast traded as low as $1.26 on June 20th, and even at $1.50 (assuming we get there) that's only a gain of 19%....

So the warrants are actually looking good, at least as a trading vehicle in of themselves irrespective of conversion into shares.