The Bonds of VDM, Inc

The bonds of VDM, Inc. are convertible into shares of the firm's common stock at $50 per share. The current price of the common stock is $45 per share. The bonds have a $1,000 par value and currently sell for $950 apiece. What is the conversion price of these bonds?

A) $22
B) $45
C) $50
D) $55
E) $100