The shares issued to date are probably only the tip of the...

The shares issued to date are probably only the tip of the iceberg.
A further $2.5m of CN’s have already been issued by MUS - would be another 140m shares if converted by Arena at today's spot price
A further $16.9m still available to MUS under the Arena deal - would be another 940m shares if also converted at 1.8cps

The CN structure presents a huge headwind for the share price.
On any share price spike the deal effectively allows Arena to look backwards and pick the lowest share price over the past month to "buy" their shares and then immediately sell them into the spike at the higher price.
You have to ask yourself - why wouldn't they?