Should I exercise my stock options after leaving my company?

I have recently left my previous employer after 5 years and I am able to exercise my stock options. I have a very low strike price from joining near the beginning of the startup and it would only be $1,600 to exercise. The company had series B funding a couple of years ago and I don’t see the company going public anytime soon, however, they could be acquired in the medium to long term. Is it worth exercising, or just forfeit the options?