I'm not sure...
I can imagine that it is up to the discretion of the holder of the debt to choose when he desires to convert the debt to equity, not up to Solomon. Most debtholders has already converted, as the debt is interest free.
Probably Ironridge thinks this Q report is going to be good, and is trying to time the bottom of the share price, in order to get a good price.
If SIAF and Solomon is smart, he has made a lot of repurchases during this range trading 60 to 70 cents, but have not disclosed this to the market. If i was Solomon, i could easily spend 20 million or so of my balance sheet to absorp the large amounts of stock that has been sold into the market by the previous debt holders.
Given an assumption of a normal P/E of 10, the ROI would be roughly 1000%. i think that is a reasonable valuation in two years time. Thus that would create be an annulized ROI of 500%. Not bad
