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

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.