It's even worse than I thought: The CD holders can convert to 80% of the closing bid prices.
("... based on a price per share equal to 80% of the lowest three (3) closing bid prices of the common stock over the 20 trading days immediately preceding the date of such payment.")
Yesterday the closing bid was 0.0003, what was it the last days when the pps closed at 0.0004? Where can I find that info?
If those closing bids were three days on 0.0003, the CD holders convert already at 0.00024!!!