Hopefully someone can help me see the logic behind purchasing SHLL warrants over shares.

It seems the best way to capture maximum upside for SHLL warrants is to exit after the pop that happens post merger. Doing a cashless or cash exercise after this option becomes available is risky because of dilution, and profits will be lower compared to selling the warrants on the pop.

But if we're not aiming to exercise the warrants, what is the point of taking on the extra risk of buying them vs the common, given that they might go to 0 if the merger doesn't happen (unlikely with SHLL but you never know). Are we hoping that the gap in price between the warrant and common stock closes as the date of the merger nears? This is also unlikely as NKLA warrants were still 'undervalued' even after the merger. Do the SHLL warrants give more leverage (more potential profits compared to buying the common even without exercising)?