Freddy - The debt converters are not stock buyers/investors.
They are lenders. They convert the debt that they hold into stock, at below market prices, and then turn around and sell.
Their business model is not to take the risk of holding stock.
Once the debt matures, they convert as soon as they think the market is liquid enough to absorb the stock they want to sell.
Once they get liquid, they move on to the next DEBT deal. They are not stock investors.
In this most recent case of volume BEFORE the PR, it was most likely a case of the MM's and the debt converters working with each other, knowing that the PR was due.
The MM's absorbed the converted stock at a negotiated price, then started moving the b/a up quickly and unloading as soon as retail speculators started reacting to the PR.
Everyone wins except, of course, the retail investor.
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