Not exactly true, you aren't getting 20 cents value on conversion, you are getting whatever 0.07 of a PLS share is when that happens, which is the same risk in buying any stock. The value of it could go down and you get 15 cents worth of PLS or go up and you could get 25 cents.
There is really no arbitrage play here in my opinion since we don't actually know what the conversion dollar value will be
LRS General Discussion, page-18770
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