Hedging warrants & cashless exercise

For a given SPAC where the strike on the warrants is 11.50 and each warrant translates to 1 common share, if the company opts for cashless exercise and announces it will deliver 0.37 shares for each warrant, how many shares does one need to be short in order to be hedged? My understanding is despite only receiving 0.37 shares at exercise, you are still economically exposed to 1.0 shares per warrant so to cover your exposure when the shares are delivered you should be (1) short 1.0 shares per warrant up till the moment the exercise is fully registered with the company and (2) be short 0.37 shares from that point on.