"if there is underwriting of the options, this looks terrible"...

"if there is underwriting of the options, this looks terrible"

It's actually a smart move. You'd be a dill not to convert your options, so dilution largely factored into the current SP. With the current cash position and management likely having budgeted for funds from conversions, why not secure any funds lost by stragglers who miss the expiry date for whatever reason? Announcing a CR to meet budget instead, in this climate, would be poor management. Better they get on with business as usual, particularly as they seem of the belief there will be favourable developments between now and when a cash crunch arrives.