ado research, major re rate on the way, page-8

There are only a few major holders of the 6.5c options, where the 1.2c options were spread across many holders (and freely traded).

It all depends on what the major holders do. They might not sell any. We don't know that yet.

Also the price was around 5c when the 1.2c options got converted (4 times strike). Based on your logic, the share price will settle around 26c when the 6.5c options convert (4 times strike)...

I understand your logic, but it is a little flawed, as there are more unknowns than knowns on this at the moment.