The terms of the agreement are the reason why the $1.35m is still listed in the notice. The convertible note reaches maturity on the 12th, they didn’t have the option to take the cash early.
Mercer have been a good and fair finance partner to AVR from my POV, if they were truly ruthless they wouldn’t have converted any of this tranche into shares. Then again they could be viewed as going against the spirit of the deal by not taking the shares.
If Mercer were ruthless they would have let the note run to maturity, taken the full $2.7m in cash and used that to covert 270,000 of their 500,000 $10 options that they have.
The terms of the agreement are the reason why the $1.35m is...
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