Without understanding the BDR financial position and cursory...

Without understanding the BDR financial position and cursory read assumes they need money fast. My curiosity is the recent big SP spike ignoring the volume on Friday which I suspect is option expiry witching hour. Then out comes this indirect approach to TO tells me that yet again, smart money has an inkling it was coming.

IF MACA is anticipated to be converting debt to equity I can only conclude the TO premium gives a much higher premium? Just thinking out loud...