Cartman Owns Convertible Securities in OctoCore Corp

Cartman owns convertible securities in OctoCore Corp. If the conversion ratio for the convertible securities is 37, it means that:​

A) Cartman can convert 37 percent of the convertible securities that he owns for shares of common stock.
B) Cartman can convert 37 percent of the convertible securities that he owns for shares of preferred stock.
C) Cartman can exchange each convertible security that he owns for 37 shares of common stock.
D) Cartman can liquidate each convertible security that he owns for $37.