That note dilutes the XREE share structure, not XTRN. It just dilutes their per share ownership of XTRN. Also, the conversion price that you just stated is above the current XTRN pps meaning we are trading at a discount. Since XTRN shareholders do not have a restriction we should actually be trading at a slight premium. For that reason, XTRN is trading around a 70% discount to XREE.
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