CEO interview reported in Forbes, page-7

Thanks a bunch for pointing that out. For some reason I conflated that with being a part of the terms specific to the convertible notes.

Mercer would get the shares at an "issue price equal to 90% of the average 5-day VWAP at the time the Company makes the call". I'm assuming that the call is when Anteris exercises the right to access the funds, which would mean issuing Mercer shares at over $20 at the current share price. That would not be a bad deal at all to provide bridge funds in order to give us more flexibility as to the timing of the Nasdaq IPO.