Aug. 3 at 5:21 PM
$SOC in case anybody is wondering, the convertible debt cannot convert any earlier than Q4 2026, and only if it’s above
$5.20 for 20 out of 30 days for September. This repeats during the last 30 days of every quarter. If the price dips back down below
$5.20 during the last 30 days of Q4, then no conversion is allowed during Q1 2027 etc. Even then, SOC can pay out in cash rather than convert the debt to equity. So there’s definitely some limitations on conversion. (This is from pdf page 193 of the July 2nd 8-K if you don’t believe).