Wrong. Read the announcement again. Disclaimer - my maths below...

Wrong. Read the announcement again.

Disclaimer - my maths below is very rough but will be in the ballpark so should be good enough to illustrate the point.

Conversion price will be roughly 11.5c (25% discount on 5 day VWAP) depending on how far they can push the price down in the next 3 trading days. At this price a maximum of 22M shares will be issued at maturity (including those issued as interest incentive). Current SOI is approximately 189M, meaning it will be diluted by about 12%, certainly NOT 100%.

I have no doubt that Dave and co thought we would be much higher at conversion than we are which is disappointing for sure. And the low volume interest we've had for the last month or two has allowed those with vested interests in the note conversion price (outside of HMD management) to "give the boulder a nudge".

Important that people playing the game at this end of town understand all of the scenarios that can be played.