I see where you are coming from…but I think if you were carry...

I see where you are coming from…

but I think if you were carry some short term risk by holding the shares to sell at higher future price to fund the conversion of 1st tranch of options you’d need the share price to be 5.4 to fully cover converting the first round at 3.5 with profits from the sale of the placement shares (assuming tax rate of 40%).
at which point you could sell the first tranch of oppies to cover the conversion of the 2nd leaving you with free carried shares valued the same as your initial investment plus a ~20% cash profit on your initial investment (assuming 40% tax rate).

it’s even better if waiting for the 50% cgt discount.

all I see significant overhang up to 5 cents.

Voting down the options could remove the supply of stock at lower prices, let the market revalue the stock based on progress in the next 3-6 months and raise again if necessary at higher prices.