I think its good news.....if holders of these warrants are going to convert at $1.33 obviously it only makes sense if the PPS is trading above that level.  Why convert warrants into shares at $1.33 if the PPS is trading at or below that price.  

If the goal is to convert and then sell them into the market....then the only way that makes sense is if there's sufficient demand, and nothing spurs demand like a good story and a climbing share price.  

Assuming that warrant holders are indeed some bigger players...the Third Eye/Bloom Burtons of the market, then imo they're not the types to be hitting the sell button from a desktop through a discount broker, imo they would employ the services of broker dealers, likely some of the same broker dealers who make a market for RVX....setting the bid and ask in other words.  

We shall see how it plays out, the proof is always in the pudding....but I am optimistic that the PPS is going to get a run soon.