Let’s look at the numbers 28c + a free option, so the package is...

Let’s look at the numbers 28c + a free option, so the package is 28c + whatever value the market places on an option 17c out of the money. My guess is perhaps 2 c.
If the exercise is in 45c 18 months then they fully expect the sp to be above that in 18m and to cash in on the 45c exercise price, ie it delays future cap raises. They must be confident to put it that far out of the money, in such a short time frame , or why bother.
I applied and got some in the Sophis offer, now see what the spp is as that is not yet explained from what i can see and maybe they will top up what they need by doing so.
Pretty clearly though people will sell down their shares to 28c or even below to take up the offer once they know what it is.
but it wont stay there for long so dont panic. PYC did a big raise at 5.5, it touched it and is now double 6 month later as people know they dont need more cash. Same could well happen here imo. but, do your....