$1.00 is the convertible notes face value -- ie, Par value. It's not the value (implied or otherwise) of the shares.
This means that, for example, if the discounted VWAP is $0.50, then $32m of notes could be converted to 62m shares. From this we can see that, if conversion is exercised, the number of shares would increase somewhere between 62m (being $32m/$0.515) and 128m (being 32m/0.25, with 0.25 being min price).
Raising capital with convertible notes makes more sense than simply issuing new FPO shares. If they did that they would likely be raising at a price sub $0.40. Assuming the company can continue as a going concern, raising funds through convertible notes makes sense -- it's to the advantage of both the company and shareholders (who ultimately own the company). Going the convertible route also provides greater clarity on seniority of claims.
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Last
8.0¢ |
Change
-0.004(4.76%) |
Mkt cap ! $14.28M |
Open | High | Low | Value | Volume |
8.0¢ | 8.0¢ | 7.4¢ | $73.74K | 956.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 124337 | 7.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
8.0¢ | 37201 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 124337 | 0.075 |
2 | 20000 | 0.074 |
2 | 110000 | 0.073 |
3 | 158204 | 0.072 |
3 | 66349 | 0.071 |
Price($) | Vol. | No. |
---|---|---|
0.080 | 37201 | 1 |
0.082 | 21000 | 2 |
0.084 | 18434 | 1 |
0.086 | 539 | 1 |
0.088 | 194874 | 1 |
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