I held AJMO and converted into AJM. I was also holding heads and...

I held AJMO and converted into AJM. I was also holding heads and did not sell any heads to fund conversion. The oppies were 2c strike. The heads were trading about 0.15 to 0.25 during the few months prior to expiry.

But the big differences where AJM was then and AVL are now is:
1. AJM had a BOA/full PFS/off take investor well before expiry.
2. AVL has none of the above and are late with the PFS. In April AVL said the PFS was due mid-year. And here we are today.

Almost 100% AJMO was converted. To give perspective, at the time AJMO started trading there was a ratio about 4:1 (headsppies). With AVLO it was about 5:1. So not a great deal of difference. TMT also had 5:1 ratio.

Imo, many AVLO holders, myself included, would have sold a large chunk/all if the PFS was followed by a BOA soon after during the original time frame (PFS mid-year).

My other oppies experience has generally been in the tech sector where they were mostly converted when in the money, 1 being underwritten. Eventually these stocks failed (or are failing) so it is hard to say if the SP converging with the exercise price was a function of the oppies or the failing tech/sector.