Biotech Values

[biomaven0]

I haven't seen the details, but certainly I can imagine simple ways to structure a deal to avoid 13D requirements.

For example, you could simply require 61 days notice before any conversion.

They specifically say the 5% threshold is the reason:

The preferred shares are being offered to certain of Trillium’s existing shareholders whose purchase
of common shares in this offering may result in such shareholder, together with its affiliates and certain related parties, beneficially owning
more than 4.99% of Trillium’s outstanding common shares following the consummation of this offering

Peter