@AICp it's clear you have had no experience or financial education on how these instruments (CN) work in practice nor an understanding of how firms like Susquehanna make their money in financing deals like this.
Susquehanna have structured this deal with IMU to get maximum benefit if the SP falls. I doubt they give a toss about the clinical trials results... They are traders.
They have the ability to force down the SP either by shorting now and converting notes to shares (at a discount) later to cover, or by converting parcels later at a discount, then dumping that stock at a premium to the conversion price. Rinse & repeat. That's how they will make bank, and it will be at the expense of retail investors who joyfully claim the falling SP is now a bargain, at each step on the way now.
Anyway, I hope you keep your shirt, and the market acknowledges any 'excellent' trial results, but unless you wish to continue to provide comic relief to HC readers, you should refrain from commenting on this transaction as so far you've only ever displayed a complete misunderstanding ...
(20min delay)