I've got a few options that are in the money at the moment but...

I've got a few options that are in the money at the moment but just waiting on clearing the house renovation before conversion. I'm sure that there are lots of valid reasons for non-conversion at the moment.

I was literally just on the phone to the nice people of HMD and mentioned the options, I think the reality for non-conversion is more to do with a similar personal finance side than lack of faith in the company. Coming up with $800k+ for someone who is not yet in the other side of commercial success is potentially too far a stretch. Maybe if the date was December 2022 it would be a different story.... I personally could not convert an $800k call position right now and I am EXTREMELY keen on HMD...

Potential short term upside here is a lack of dilution and possibly an easier pathway for someone to come in and do a strategic placement without issuing too many shares. Those are entirely my thoughts and not something that hasn't been released to market etc. Rambles are not intelligence.