Yeah, I agree. The lower the margin between the sp and the 2c...

Yeah, I agree. The lower the margin between the sp and the 2c option exercise price, the quicker the sp decline as more shares are needed to be sold to cover the conversion price.

Many people have intentions to leverage off a high sp to exercise options, but often miss the moment to sell and keep holding on hoping for the to turn around. Unfortunately, the market took a turn for the worse and has sucked the energy out of the market. The pfs is unlikely to be the saviour many people are betting on. It will most likely only encourage people to use the moment to sell and convert the options, if that is their intention, as they will see it as possibly the last positive announcement ahead of the last option trading day (around Dec24).

In some ways, it would be better to release the pfs after the options expire and the selling pressure is eased. It could be a good springboard for the new year heading into the completion of the bfs, which is to me the milestone that counts.