"They converted options into shares, so it doesn't really indicate anything other than the shares are above 1.5 cents (the exercise price) making it a foolish idea not to do so"
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Looking at it that way doesn't take into account that they have actually chosen to ADD to their investment into the company (by 31 million x 0.015c = $465,000) where they could've decided to slowly offload them by selling the XPEOB on market over a few weeks/months as others have no doubt.
I think it's at the very least a sign of confidence and a thumbs up for the company.
XPE General Topics, page-3130
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