The options conversion has little overall effect on the market cap.
eg. At SP = 0.40, undiluted market cap is approx $34m (based on 86m shares)
Diluted market cap would be $52m (due to 44m options being converted), but the converted options would generate $15.4m extra cash. $52m - $15.4m = $37m, essentially the same as prior to conversion.
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