All toxic notes generally state "The Lender has the right to convert the outstanding principal and interest into common shares at its option, at any time." These are no different unfortunately. However, they would only convert if they knew the price is going up. I'm assuming they know this is going to pop soon (less shares for them), so they're just trying to get cheap shares. You will notice the dilution here doesn't hit the bid 'normally', but stays on the ask.
One big day could pay off most notes here. The supply is not endless and it's bound to pop back up. $AWGI
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