Helios and Matheson Analytics Inc (HMNY)

[chereb19]

They have sufficient shares per my previous post.

The note holders decide if/when they prepay the notes. Until this happens they can't be converted to shares. The note holders can only own 9.99% of the float so they can't just prepay all the notes at once. If they do prepay and HMNY don't need the cash then HMNY can simply redeem the exact same amount thus reducing the outstanding amount of the notes.