low ball offer after layoff

I'm getting an offer of 20% cut of my previous job after layoff.  The offer does come with a big number of stock options, but I don't care too much about it.  It's hard to negotiate for more base salary at this time. Nature of the work is a good fit.

I have more interview opportunities scheduled for next couple weeks. However, recruitor (not working for the company) asked me to cancel them if I take the offer. 

There are still a lot of opportunities on the market, but interview process is not easy.

Shall I take the offer and try looking for a better one next year? or decline the offer and continue interviewing?

Thanks