"I am tossing up funding the CR, or starting to convert my...

"I am tossing up funding the CR, or starting to convert my Options. The money goes to the company both ways."

papertiger. Unless you see the company as a benevolent organisation where your investment goes towards 'good deeds' both your options make no financial sense at all. Based on the share price today participating in the CR costs you 6.4% with little certainty the gap will be closed and high risk that you will be looking at a 10% or more loss. While I doubt you are serious I hope that other investors are not influenced to make a very poor investment decision.