I agree with Accumul8 and MJ - exercised to sell, and most likely in a block trade to a Insto. If an institution went knocking on Roly's door they would have been told a cap. raise is not likely any time soon, thus, if you want a sizable position go speak to GEM or start buying on market. Which option would you take? SP is still very depressed, so it wouldn't surprise me if a block trade went through at a premium to the current SP. Options didn't expire until 2024 so GEM didn't have to convert now, but potentially they were 'incentivized' to do so.
