That's not entirely true. The $2.5M was raised with convertible notes or what we are referring to as here as 'toxic notes'.
The difference is Steep Hill is not traded on the market and basically 'set' their market cap at $75M. They are also private meaning these notes cannot easily be sold or 'dumped'
But... I will not disagree that the notes have been very bad for us.
Would be nice to see us sell some convertible preferred shares where the price is already set ahead of time and not determined by lowest pps etc. and with a longer hold time.
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