The convertible notes were "angel funding" designed to get the business to an IPO and cover expenses of the IPO. They were converted at a discount of around 25% to shares but as far as I could determine all of those shares were escrowed for 12 mos. So ...............in 12 mos there will be a large parcel of shares free to sell if the holder wants at an entry price of about $1.20. Interesting to note that the current price is flicking both sides of that figure.
I was in the IPO but like a lot of others got out when I saw the early trend. The financials were not strong enough to have me hold against a strong downtrend and I think that a lot of other opportunists thought the same. However - having said that I am very much aware that a lot of very successful fintechs have started life this way. IMO any holder has now got to judge whether the landscape for new fintechs has changed - have investors still got a strong appetite for them?
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