Yes I agree with your analysis of the ann. Redfaces. Very crafty wordsmanship
Convertible notes are generally finance of last resort, so I'm sure that Rogers has been looking pretty hard for finance, and it appears at this stage, this was the best he could do.
Secondly, the conv. notes does give PRR some breathing space as they don't have to drawer them down and they are paying no interest, so PRR may be able to find better finance down the track.
Also interesting the fairly big gap between the PRRO's and PRR's atm. I'm sure a few may be tempted to buy some PRRO's and convert them ATM.
It will be easier for PRR to get decent finance when they get approval from the FDA, until then, PRR is going to stay in a holding pattern with traders playing games with it.
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- the terms of the note are fantastic
the terms of the note are fantastic, page-28
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