It seems that is what is inteneded as of today as you say. But what price sellers would have to pay to convert them. It would be a lot of money at market price which would be higher than the strike price; as then and then you might want to buy it at any future point.
Wheat I am really trying to understand is how you can get your money except putting up a large sum of money up front?
Only other alternative is to hold until they sell the company or you come up with the money before expiration, naturally assuming market price for common is higher than the strike price.