Good point. They must be referring to a financing arrangement they made with Bayport. But since Bayport is Pink, they wouldn't be able to convert and sell for a year.
Unless they use a state exemption from registration, but this stock is unlikely to qualify for one. Toxic funders like Ed Bronson used to use state exemptions regularly to free up conversions the moment the financing agreement was signed. And maybe Bronson still does. But the SEC has sued him for it--the action is ongoing--and has made it clear that it doesn't like the practice.
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