Mar. 11 at 9:28 PM
$NMRA @InvestorCG @Keystone1 K2HV converted
$2.5 million of their term loan principal into 2,849,327 shares at a fixed price of
$0.8774,
Under the terms of their
$12.5 million conversion right, K2HV still holds the right to convert approximately
$10 million of additional principal into equity. At the current conversion price, this represents the potential for roughly 11.4 million additional shares to enter the float.
Considering the risk of 11 million shares tanking the stock price we would probably see extended periods of offloading unless they can find a larger institution to do a large cross without effecting the price.
This most likely is just strategic asset management by rebalancing their capital to ensure funding for other and future projects.
If the concern we're the upcoming readout we would see large 10% blocks to derisk well ahead of any announcement.
The more they convert the better for current accumulating funds by keeping prices subdued and creating pressure for the readouts.
