Yes very interesting to ponder they must have used the 30 million collateral shares to push price down prior to the conversions.
I suspect that either BRN issued an early redemption notice with a placement lined up with a strategic partner and asked for the return of some of the collateral shares as facility was over collaterised.
Or CFO/Audit noticed facility was over collaterised when doing the Notes to the Accounts.and required their return.
If an Early Redemption Notice has been given the remaining Collateral Shares would be enough to cover the maximum 50% conversion of the remaining Notes outstanding. Maybe a Noteholder is a little peeved in missing out on the opportunity to convert all of their note at cheap prices.
Well we will find out either in next 20 business days or when accounts are finalised and AGM is afoot.
No doubt Akida will be launched well before then.
My theory is an IP deal was about to be signed which included a strategic share placement which took account of paying back the outstanding notes but deal would only proceed once the Convertible Note was out the way.
It does seem like we are getting to the pointy end of the commercialisation in a very hot EDGE AI market
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