Jul. 29 at 9:32 PM
$GRRR some people on this board either dont understand the conversion price reset mechanism or are deliberately attempting to mislead others.
The two convertible bond offerings have a floor price of
$6 and
$8 respectively. This is a floor price. It does not mean that should the share price fall below those values that the conversion price of the bonds is reset to those values. The conversion price can be reset downward on scheduled dates. The conversion price only changes on the scheduled reset dates, based on the average VWAP over the five trading days before each reset date. The reset dates are:
1. 15 March 2027 – first reset 2. 31 December 2027 3. 30 September 2028 4. 30 June 2029 5. 15 March 2030 6. 31 December 2030
Essentially the share price dropping below
$8 has no impact before March 27 in this respect. There is a prospectus and indenture on the SEC website under Gorilla which provide all the details.
