Mate I agree that the share price should be north of $1at futility if we can replicate the results of the last trial.
Its still a big ask from retail investors. Listed options may have mitigated some of that risk. Alternative is share price pressure around conversion time as retail sell heads to fund options if they are well in the money.
Not a big deal, and I can see why CR options were non listed. Not sure its the right way now though.
Ann: Bonus Option Offer, page-26
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