I suspect, if not stipulated for us in the 8K that those options would be open for a specific time period. Doubt they would take the shares over cash if it was not in their best interest, and they have the inside track of what is going down, unlike us.
That would be as safe a bet as they come. They know a LOT more than we do. Anyone would be licking their chops at the chance to get .54 options on a $5+ stock.