"Conversion rate is 80% of lowest Vwap of 5 previous trading days."
This also helps explain the ramped up/record volume yesterday. The lower the volume, the higher the VWAP woulda been, making the (last minute) conversion rate higher.
By making it a high volume day, it brings the vwap down considerably. Even selling/shorting at >.10 is quite profitable if it brings the vwap down a penny on the conversion rate of $11M worth of shares.
Not exactly sure what the vwap was on the last week's 51.1M shares traded, but I'd venture to say it was around .15, so 80% of that would be a conversion rate around .12.
And, this explains why the a/s was raised from 100M to 300M.
