You would not want the price to go up right away especially with the terms " 70% of the lowest closing price of the company’s shares in the 60 days before the investor requests the conversion". just a little cheaper and they will only have to deal with half of the $30 million (27.600.000). If my calculation are correct it's currently $14,876,400 derived from 70% of Friday closing price. (The price is rounded down to the nearest two decimal places.)
Ownership Limitation: The Company may at it option decline to effect any conversion of the outstanding balance under the Note to the extent that after giving effect to such conversion would cause the Investors (on an individual basis) to beneficially own a number of shares exceeding 9.99% of the number of ordinary shares outstanding on such date
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