The bergen deal is going to be a true problem until all the tranches change to ordinary shares. Bergen played it very smart with its convertible as they negotiated that they have the converting choice. They short the stock significantly to the number of shares they will receive to cover their position.
Newbie explanation - If Bergen expects to get 70 million shares at 3c price and the current price is 6c, they will short 70 million shares to 3c and receive lets say an average of 4c per share. Thats $2.8m. Then they receive 70 million shares on conversion and cover their position instantly. Then they don't need to buy on market and the market has an extra 70 million shares from the shorts. Essentially their 2m investment became 2.8m.
