Seems like MMs take it down every morning to see if anyone big jumps in to buy the new low price. When that doesn't happen they let it hang and repeat the next morning. So if you want to cost average and you are not able to watch, buy in tranches. Set partial buys every evening 10% below the previous close. You might never see 40s. I wonder how much time the stock will trade around the conversion price and if you can buy right there and catch a bottom. GL.
I agree with hondi that buying in tranches is good. I would personally weight my larger $-value orders to the low side.
The strategy really depends on how the price progresses. One thing is for sure: they will likely be the only major volume seller sub-.55 and they will need to keep it there. So there's almost a mutual benefit for us to leave low-ball orders for them to fill.
One other thought: I would not try to personally levititate or support this unless I had several million ready to invest. Ideally, us hardcore longs should let it fall and buy it low so we tie up as much of the float.
Do note that I do not intend to come off as if we are all a team of longs. Sure, I am happy to share my thoughts but too often novice traders holding bags rely on their fellow bagholders for emotional support as they all lose their money together. That is not what I am doing. I personally like this action as the financiers will want to send this back up to reap their reward. My favorite recent case in point is the crypto longs calling each other family as the hodl back to hell.