No - the 22c conversion price is just the minimum price that...

No - the 22c conversion price is just the minimum price that they can be converted for. As the share price rises the conversion price is based on a 15% discount to the 30 day VWAP prior to the conversion. The main reason IMO for the very low SP and MC is the heavy borrowings, the loss last year, the poor performance and subsequent placement of Ezibuy into administration and the overhang of Covid stock which did not sell in a retail segment which is quite dependent on seasonal trends. There are other reasons but I think they are the main ones.