Not really manipulation.
They receive a 10% discount on the conversion of their notes, immediately sell their new stock for between the current market price - 0% discount, and 10% discount - their break even.
Let’s say their average sell is a 5% profit , then it results in a fall in market price of 5%.
Rise and repeat on the next tranche.
No manipulation or shorting necessary when your conversion price is set at a 10% discount to 20day VWAP.
They make 5% on $500,000 = $25,000 on each tranche.
Our share value drops 5% on each tranche.
If the notes had a set conversion price (say 4.5c), this wouldn’t be happening on each tranche.
Ann: Appendix 3B, page-6
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