In My Opinion unethical is the wrong word for it. You have to consider the context. I believe the company has the very best of intentions, but simply has not done something like this before. If not obvious enough, consider that they initially started with a completely impossible timeline for conversion, and had to extend as a result.
It doesn't sound like you need any more information to make your decision, but shareholders with serious interest in converting should call their broker, who has full details via DTC.
(Note: edited/ corrected post. )
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