If you have long shares snd warrants, you will profit only if the stock goes up.

You can hedge and protect yourself if the stock goes down by shorting the stock. If the stock goes down you loose because of your shares and warrants but you are also short so you at least reduced your losses.

If it goes up you make money on the shares and the warrants cover the shorts that you took out. You make money on both situations,... you hedged.