Let them issue New option code. Allowing existing options...

Let them issue New option code.
Allowing existing options holders the right to re-purchase their current holdings with a new exercise date two or three years down the track.
Set the new re-purchase price at .001 with the exercise price now being 009 or equivalent post consolidation.
Simple!

Allows company to attempt to retain some extra cash in the kitty litter if converted.
Allows current holders a lifeline.
Demonstrates management actually believe is what they're preaching and aren't simply CR driven. (Which is what I believe they are, IMO)