As the founder of the blockchain company, you own 1MM shares and a merger was brokered with your investors and another portfolio company of theirs, who did not go off of the Sahlman's valuation, nor ARR multiplier but their own price per share offer below: In the target merged company, you are offered either an all stock deal with a conversion ratio of 1.3, with the merged company shares being $10 each. Alternatively, they have the option of a combined stock-cash portion offer of 0.5 shares, plus $14 in cash for your current holdings. Finally, if you just want an acquisition, the acquiring firm is open to offering to pay you a 50% premium for your current 1MM stock position (which was $8.33 per share since last valuation).

Based on the combined stock and cash offer, your holdings are estimated to be at:

• A. $11M
• B. $12M
• C. $12.5M
• D. $13M