They need to repay the loan immediately. The full dilliution will cost company >20% of its equity in value for $3m raise.
Therefore at 20% of company, simple maths = 5 x 3m = 15mc of the company.
.... the convertible note was raised at a market cap way-way higher then this!
Repaying the loan means L1 walk away with 10% plus interest. Debt is cheaper then equity always. Letting them convert is gross mismanagement. However, this seems to be the speciality at XPE.
Lenze Icharger has arrived!, page-111
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