We discussed this in the past.  Basically, conversion is already priced in the Arena/LAC stocks. Both stocks are moving in tandem according to the formula, the deal will pass 100% because owners and LAC own the majority of shares. There is a slight difference if you are willing to wait.

But  I sold my Arena in $.50s and bought LAC shares in the mid $20s.  I do not see any benefit to buying Arena at this point. JMHO.