It wouldn't make really sense not to convert the options. Most option holders will probably convert more closely to the expiry date end of November. But I can't see the share price drifting much lower with all the anticipated news in the pipelines. I could imagine CDX might have another joker in the pocket to make sure to push most of the options over the line...8.5 Million $ extra in the CDX kitty will be extremely welcome and might bring CDX to the next level...cashflow positive.
The option expiry will release the handbrake for CDX...double digits by Christmas...Imo
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