True, but there is going to be plenty of liquidity if there is any arbitrage between exercising the OA's and the RLE SP. Which will increase demand and probably see it stay at a slight premium given any number of upside news is still there over the next month and a half. TA looks pretty good at the moment and I see 16c possibly in play.
RLE Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held