News: IHL Incannex Healthcare Ltd Files To Withdraw U.S. IPO Plans, page-21

If I understand correctly (and I am very amateur in my investing, so please correct me where I go wrong), some companies have done this with what seems to be a 1 in 10 options for shares. Now this is all speculative as an example. This would give a potential for 10% more shares to be distributed but since we already own the shares, we wouldn't be seeing a dilution like would happen if a foreign company bought them. We would have to buy the options by a certain date at a set price. Let's say they are set at 75c and we all buy our options. I think we have 1.2 billion shares roughly. So 120 million at 75c gives $90 million into the coffers. Now of course it will be far less than this as not all will convert. But I believe their may be a 2nd round of options available at a higher price once you buy the original options. Now if we were $2 to $3 when this occurred unless you didn't have the cash then you'd be a mug not to buy them. So $70 to $90 million cash raised by doing this for the company. And we still own the same percentage of shares and we can now sell them for a tidy profit. Hopefully small amounts at a time to not crash our value!
Please correct me where I have gone wrong and also I have taken some fictitious numbers to do this but I think this sounds about right.
More than happy for someone to put me in the correct direction if I have totally stuffed this.