Not sure about that, but it's clear they will use the full extent of the A/S increase as conversions. When it's all said and done, with an O/S that large, you either need to hope for the not-too-common, idyllic share buyback, or deal with the far-more-common and likely reverse split.
If it is the latter, current share holders or bag holders have to wait for the grace period where FINRA won't allow a reverse split due to all the A/S increases, dilution will stop, and this will run up a bit on group pumps / hype / naive investors and the rest of the usual OTC nonsense.
