IMO the recent--and price drops in general--are not financiers waiting to convert, but in reality financiers selling stock--see VFIN on the offer for example...
the PPS is immaterial to a toxic converter---they have a finite amount of debt to convert--it matters not at what price they do it due to their discount:
if they convert $20K worth of debt at a dime with a 50% haircut, they get 400K shares at a nickel---if they sell at a dime, they recoup $40K...
if they convert $20K at a penny, they get 4M shares at .005--if they sell at a penny, they recoup $40K...
and on and on...
as far as a financier believing in a company and "loading" up--nah, they are in the cash flow business...
and most agreements preclude them from holding more than 4.99% or 9.99% of the OS at a time-so they convert and sell...the 4.99 and 9.99 are important----4.99% means they stay under the SEC ownership threshold for filing---and 9.99% keeps them under affiliate status which allows them to steer clear of any Rule 144 affiliate volume restrictions when selling...
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