You have a point DP but it depends on the number of people trying to do the arbitrage
I agree with ABLM. The options are pregnant with time value - why would you throw that away by converting them today?
Using today as an example you could have sold 1,242,842 SUDOE for a bit under 2.3 cents average (that's not academic - the bidders are there as I write this)
You could buy 1,242,842 SUD at today's VWAP plus a bit, say 5.8 cents. So the "conversion" for well over a million SUDOE would be 3.5 cents, which is 30% less than doing it through the company.
In my opinion, the vast majority of SUDOE won't be exercised until within the month before expiry - when the time premium has dwindled to zero. Many will wait for the last few days.
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