Apparently there is no floor price in the Garett convertible note. And no 10% cap on the O/S to be issued. Which is abnormal for a $600M net asset company and a lousy $4M loan.
It is self-destructive. Did you forget to put it in the terms of the agreement. Or did you guys never consider the possibility that the share price could go even lower. I wonder.
But this is not normal. And I don't really care if your intentions are good or not. I don't know you, so I shouldn't care. But it is quite damaging to all the shareholders.
So why not convert for 1.50 and get it over with, as I suggested in a previous post. Would save Solomon some money as well. Surely, it should be cheap enough.