The oppies were to the advisors of the transaction, not the noteholders. Also the conversion is at the discretion of the note holders, not management. This shows that there were investors coming in happy to take 7% and have quickly realized that there's a greater upside in taking a gain sooner rather than later with the higher share price.
Honestly this was a brilliant move by management, with just this most recent conversion they essentially raised $750k or whatever was converted at a 44% premium to the trading price at the time. Management were obviously aware of good news coming and realized they could raise capital early at a premium and would count on it being converted soon after to save on interest expense.
The oppies were to the advisors of the transaction, not the...
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