85% is insane!
In the article, the writer mentioned that even with the $100 million loan, he expects the the os and float to stay pretty much where it is now as long as the loan remains debt.
"Reading through the details, I came to the conclusion that this deal represents a significant show of support meant to fund MoviePass until its anticipated IPO. The terms look favorable to Helios, suggesting that the investors didn't make this deal for the interest or the $12.06 conversion. In my humble opinion, neither would appropriately compensate then for the risk of loss.
Rather, I suspect that they're in it to gain exposure to a potentially explosive IPO (note: I am not making a prediction about the MoviePass IPO). If so, this is good news for those who are afraid of the debt being converted to equity until the IPO. If it remains debt until then, HMNY's share count and low-float status should remain intact relative to current expectations / calculations."
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