For the big shareholders, the low share price has been a windfall not an underperformance. They have acquired a plethora of shares at a huge discount to what we perceive the share value to be. They are not interested in selling the shares as they are buy and hold until a much more opportune time. Small warrant holders might be interested in exercising but they probably want to sell the shares acquired also or they would be better to hold until when any new expiry date neared. No money spent means no risk. The big guys are the ones we need to exercise to raise the millions RVX needs. They won't do that without an expiry nearing. 

Eastern Capital exercised warrants on Aug. 12/19 at $0.75. Yes, they were in the money at $2.76 but he could have exercised three months earlier when the price was $4.69. He exercised when he did because they would expire on Aug. 15/19. It wouldn't have mattered had he exercised when they were $2.76 or $4.69, the acquired shares would still be worth $0.86 today. He would be holding them today because he doesn't sell his shares and neither does HL, et al. At this time the share price doesn't matter to them except when they want to buy shares or units in a PP at which time, the lower is the better for them. They hold for the long term so only an expiry nearing will persuade them to exercise. They get to have the right to exercise when they want up to any expiry date and an extension just puts the date for the company to receive that cash further into the future. Their cash is not at risk now. If they want to put more cash at risk, they can go to DM and say we will give you more in a PP at a very low price. Why would they want to exercise warrants so far out of the money? Do you think they can go to the open market and buy 2 million or 5 million shares for $1.50 or $2.00. I don't think so! If they believe in RVX and want in, they will do it with further PP's. The low share price just gives them more shares and warrants for the amount they want to invest. They will only exercise their warrants after the price takes off and they want to sell or until losing them is threatened by an expiry. If you see them start selling before then, you had better consider selling yours also as they have probably lost faith in the story and are bailing. Because of their high number of shares and warrants held, EC, HL et al might not have more PP available to them and the warrants might be their option to increase their holdings. On the other side, they might let them expire to make more room and then buy more in a cheap PP which will just mean the company issues a greater number of shares and warrants for the cash they receive. They will do what works best for them but an extension will not help RVX.

A lower exercise price might trigger some smaller warrant holders to exercise but they might only pay DM's salary for a few days. EC showed that even being in the money by many multiples wouldn't persuade him to exercise. Only a looming expiry date did that.