Plastic2Oil Inc (PTOI)

[Toxic Avenger]

Not sure I follow you. First of all, they only have to convert their preferred shares. I'm sure most of the PIPErs are still holding earlier PIPE shares.
Secondly, why not convert immediately? They are already in the money. The only advantage I can see to the preferred is liquidation preference. Does anyone seriously believe if(when?) JBI liquidates there will be positive net asset value?
I guess it depends on when the holding period starts for restriction. If it's when the shares are converted, I'd think they'd convert immediately. If it's when they got the preferred, then there's no rush.