Simple Math--the holder of the Series D preferred shares at 8% annual dividend of $720K obviously thought he would get a better return on their $9MM investment than 8% by converting to common stock. they knew it would cause a dilution and did it anyway. I see this as very positive for the company. Getting 8% on a $9MM investment is good these days. I'm sure they watch ELTP very closely and possibly have a lot of inside information that they based the conversion on. They're probably expecting to make a LOT more than 8% on this deal. Also, it cleans up the books for the future and it will help them be more profitable in the days ahead. I bought more on the dip this morning--too good to pass up!
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