That's because you don't read announcements, nor do you seem to engage in critical thought. The EGM wasn't to focus on anything other than voting to approve this raise.
Susquehanna hold 200 x $100,000 con notes that they just paid $20m for.
3.8c was the 'reference price'. Susquehanna could convert any or all today by swapping these notes for shares, the calculation today would be: 3.8c x 125% / Notes converted (effectively buying shares for 4.75c each). This is the most they would ever 'pay' for these shares.
However, every 6 months the conversion price is adjusted:
If the share price is still 3.9c in 6 months; the conversion price for all outstanding con notes is reduced to 90% of 3.9c (i.e. 3.51c). If the share price is 3.5c in 6 months, the conversion price is reduced to (i.e. 3.15c).
Watch the short position and you'll know which way this is heading. I.e. I suspect
Susquehanna
short here and cover as low as possible.
(20min delay)