If he requests to convert the shares, he pays 14 cents per share and the dilution is only about 21 million shares -- if the board votes to convert he pays 4 cents and dilution is about 75 million shares is how I understand it.
Obviously we would prefer that he elect to convert and increase value , if the numbers are good regarding everything due to report on in the next announcement, we will be on a winner.
EM2, page-226
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