I will get my 3 cents so that means I paid 3.32 for my shares. sort of the inverse of what you posted. I am very well aware of how the rights work and that you can buy more at 3.50 if you exercise but you still pay 3.50.
3.50 is 3.50 is 3.50. By buying now @ 3.50 I get the offer price and am now free to take advantage of a spike in the rights value. Either way I still get my shares. If the rights go to 10 cents and you exercise you get the right to by at 3.50. I on the other hand will get 60 cents net cost reduction/share if I sell the rights for that 10 cents.
I only used 10 cents because it is a nice round number don't anyone assume I am suggesting they will go to 10 cents.
It did cost me 9 bucks commission so you can hang your hat on that.