It's possible they held on for 9 months before selling, but that seems unlikely to me. I think you would agree usually sales happen soon after conversions. And the fact that they converted at HIGHER than market prices suggests that they were 'friendly' to the company, and wouldn't suddenly dump old shares that they had hung onto. Anything is possible though, of course.
companies that are unable to find financing will sometimes take on convertible debt.
Are you saying there is no such thing as a legitimate company that is not able to find financing any other way?
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