With DWACW you have the option to buy a share of DWAC. At conversion you have to pay $11.50 per share, but DWAC is about $44 and DWACW is about $13. So it is like paying $13 for an option to buy a DWAC stock for $11.50 at some time in the next few years. So at today's prices, you have about a $20 cushion. DWACW is safer, you risk less money, with a pretty good upside.

This is my understanding, anyway, without having read the document. It is possible that the document could change some of the parameters. Caveat Emptor