The institutions will likely snap this up because they...

The institutions will likely snap this up because they understand that huge appreciation is inevitable with many exit opportunities before the results, which have a very well-defined date(s). Negative news before the results is highly unlikely, and believe me before the readout there is no inside information in a double-blind trial. The short-term problem is that the price now will be controlled by retail traders who mostly don't understand the fact that the retail component is fully underwritten. So I expect the share price to drop below 40 cents to maybe 36 cents for a while. Selling the shares to take up the offer plus options is logical but I have a feeling there won't be an opportunity because selling to take up the offer is always a depressing factor in the market. I'd be selling at anything above 40 if you are wanting to swap, because the option would have to be worth 15c now, which at 1:3 means the break even is 35c. Personally I'm going to see if I can increase my holding and take up the offer rather than sell, or just buy OPTOB or OPTOA on the market. OPT and OPTOA particularly (and OPTOB or whatever they call it) is the best Biotech opportunity for a very long while (even better in October last year when OPTOA was 8c but that's water under the bridge).