Thanks for these responses guys. It's great to see a forum where...

Thanks for these responses guys. It's great to see a forum where people can discuss things calmly and in an informed way. This is a cool place.

JAar... without wishing to shamelessly piggyback on your research, are you able to point me in the direction of the evidence for your first sentence please? ("I believe songtradr need JXT investors to approve an element of the expected dilution of Tranche 2 in order to convert all the shares.")

Salubrious... assuming Song convert the whole of Tranche 2, doesn't it come with a separate $3m in Options, at $0.021 per share... so giving Song *another* ~142.86m shares, and presumably taking SOI/denominator up to ~923m shares? (bottom of p.54, Annual Report 2023).

I note the Convertibles are anti-dilutive... which I take to mean will reduce the conversion price, so increasing the number of post-conversion shares received by Song... in the event that any more shares are issued before they convert (presumably including any Options, e.g. that management may hold... but I haven't seen the detail of the anti-dilutive provision). This is to preserve the % holding that the Convertibles would represent from any subsequent dilution.

I'm still in 2 minds on this one, I have to admit. But I think we are making progress on this analysis together. JXT is clearly an incredible company at a fair (ish) price, given the growth. It would be a shame to pass it up, but that's the way I'm leaning right now.