Not quite sure on that. When Gran conv debt folks convert, debt for GCM.to goes down as does interest paymnents, but share count goes up, and if they play it safe they then sell the stock to eliminate risk, which holds share price back, supply.
That is what has been going on. It strengthens the balance sheet for Gran but increases the share count. So Gran is using excess cash to buy the bonds and retire them, eliminating debt and dilution. I expect deals with large bond holders to be announced as Gran tries to prevent future dilution. Hope that helps.
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