If someone's keeping the price down so EXEOA does not convert....

If someone's keeping the price down so EXEOA does not convert. Then total money would be $81m with 481m shares total, which equals 16.8 cents. So everyone is better off by 1.8 cents if the oppies don't convert.

But if you're an oppie holder you're getting 5 cents for free if you convert (because it's 15 cents fully diluted, 10 cent strike). In other words oppies are worth $8.6m.

If you had a large holding and had no oppies, then it makes sense to sell it down under 10 cents provided you don't sell more than 12% of your holdings doing so (any more than you benefit other people). However, the opposite is true, as long as you bought 8 oppies for every head you sold you would be equal.

Is that right?