Of course management did not want to convert the shares and thereafter suffer enormous dilution. However well this stock might be doing fundamentally right now the sharecount has apparently exploded by several hundred percent during recent months. In such a situation there is little point in publishing new companies for quotation in the US. The sharecount may explode just to finance them. The problem is that this company is in a vicious circle with a low market cap and substantial needs for financing through selling shares.
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