Right now no RS is needed. The stock is liquid and not in the trips. Note holders have had no challenges selling on their conversions.
But if they run into liquidity problems in the future and are not able to convert and sell then they will force an RS like BVTK had to do in June last year.
But as long as there are willing buyers in the marketplace there is no need...all they will need to do at some point is raise the AS.
Asking this question indicates not listening to Tom imo. He's reiterated time and time again he has another plan to reduce the ss. He should be addressing this issue in the upcoming forum
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