I am not disagreeing with you, but just coming from my own...

I am not disagreeing with you, but just coming from my own position, if I had the opportunity to convert options at 5 cents and sell them at 12 cents, like, TODAY, I totally would. I would convert every single one and consider selling every single one and say 'I GOT 120% RETURN ON THAT MONEY LET'S GO ON VACATION'. None of these people can legally have any more information than we do (and trade on market), so they would be just as 'we still don't know if anyone will buy this' as we are, except they would be guaranteed to be 120% ROI richer, today, woohoo. I would make that decision completely separately to my decision whether to hold some of the stock otherwise, and just be glad that I played the stock market game and won.