Obviously I don't know what David King's financial situation is,...

Obviously I don't know what David King's financial situation is, maybe about $380k to convert all the options would be spare change for him, but otherwise I hardly think it would be traitorous or show a lack of faith if he didn't stump up that much cash to convert his full holding of out of the money options.

At any rate, it seems it may play out excellently. If maybe $3-5m in options are converted at or slightly out of the money I think this may well be the best outcome for holders (obviously not option holders). Put some cash in the bank to fund the US Evolis launch and/or some further development of the midkine portfolio but without the dilution of about $10m being raised at the strike price.