Some in the market may see 10000 shares st 48 cents, and the...

Some in the market may see 10000 shares st 48 cents, and the 1250 options at 55 cents a pretty good deal.
Most will see TLG getting previous highs in due course of $2.23.
Outlay is $4487.
Value is 11250x $2.23 = $25,087.
Get them at 38 cents you likely consider it a lock.
If you want to hold out for more its your call. Most would be happy with that.
If you considered 20 cents a sure thing you would not need to downramp.
So you can't be sure and you are rolling the dice.
Even if it does fall before a go ahead approval is received holders profits are still a lock and they can add if they wish.
So what's the problem?