Whoever is holding needs to convert before the expiry date (Sept...

Whoever is holding needs to convert before the expiry date (Sept 2025).

Hypothetical scenario:
Let's say SUM boosts to $2 off favourable results. Someone who has bought SUMO for 10c can convert to full SUM shares for the 25c price (10c + 25c = 35c total cost). Once the SUMO are converted to SUM, then they can be traded at the $2 price, so paying 35c for something worth $2.

This reason above is why as the SUM price goes up, SUMO won't trail it by exactly the conversion price (25c). A $2 SUM price would see the SUMO price around $1.50 - $1.60. This way, there is still an advantage to buying SUMO cause you can convert and still make money. If SUM at $2 has SUMO $1.75, then may aswell just buy SUM.

All just my opinion.