You don't need each and every one of the warrant holders to convert. 

You just need say, 3 million shares to be issued.  $4 million will relieve immediate cash concerns, and most likely drive the share price higher...and back closer to, if not above, $1.33.  After that, the fear of missing out on a good deal may motivate even the Third Eye kind of holders to convert.  

With every conversion, remember the cash need of RVX goes down.  They may have put out the deal for 15 million warrants...but they probably need only 20% of them to convert for RVX to live and fight another day.  And come January...who knows...maybe some buyer shows up, if not in December.  

FWIW, I don't believe in any "sophisticated" investors.  They behave exactly like retail in my experience. If buying RVX at $1.33 is not de-risked enough, then they should not have invested in RVX to begin with.  If anything, they behave more badly, because they have daily/weekly/monthly mark to market NAVs to pay homage to.