I usually let excel do my math for me . . . .
But you'll have to see what the details are in the deal in terms of how the shares are distributed . . . if they are . . . I assume with convertible they are.
Most likely, but I can't say for sure, it will be under market value. If it were say to be given out at .001 there would be 1,000,000,000 shares distributed. The concept of the "death spiral" would be when a company shorts a stock and then covers with convertible stock. I don't know that that would happen here. Details needed. The company can potentially make money in either PPS direction. Non-dilutive financing more credible imo.
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