Here are my thoughts on recent trading activity here. There may indeed be a not converting, but I'll guess they have an agreement that the converter 1) can't short the stock, and 2) can only sell a certain percentage of the total volume or a certain number of shares each day.
The big thing for me is this, even though there is a note converting, someone is buying up those shares as fast as they hit the market or even buying them in the open market at a pre arranged price - as those shares being sold are not affecting the share price.
The stock has been holding and consolidating on recent gains nicely and moved to a higher trading channel. I'm holding till fins hit, its looking like there might even possibly be news of a cancellation of these shares that have converted. However, let me make it clear, that's a theory, a possibility, and it's not a fact.
AXMM
My post are my opinion only. You should do your own due diligence before investing in any stock or take professional advice. I am not an investment advisor. Kind Regards.