I tried to find the doc.
If my memory is right it is the average for the last 20 days preceding conversion. No discount to that.
The move now was to get max number of stock and also strengthen the cash position I feel.
We had $20m end of Dec - we have probably spent $10+m of that - so with the 10+20 we have 25-30m in the bank. Now $55-60m - looks a lot better.