Example: $ATRN issues a convertible note for $1,000,000, the note holder then converts the note into shares at a 40%+ discount to the lowest three closing bid prices in the last 15 trading days, which with the recent share prices, would be converting for around .0005/share, which would mean that 2 BILLION shares would dilute the share structure for that $1M converted...
They don't need people to want those shares for dilution to occur, only need people to want them for the note holder to sell them after conversion.
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