'you are the constant pessimist'
I would suggest 'realist'
Upon reading deltavee's refresher, it does appear that conversion price is fixed at minimum $3.50 in the absence of a lower priced share issue.
However, the ability to draw on another tranche may have been in jeopardy had the SP continued to decline. Perhaps the funds were accessed now to prevent a hold up or renegotiation in the event that the vwap fell below $3 at the time they may be required.
I'm very optimistic about this companies future, I just won't be the one scratching my head, crying about it and wondering what went wrong if everything doesn't fall into place perfectly in the expected timeframe.
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