These convertible notes are over my head. How do they get the remaining of the 164M? I know they got some upfront cash. Does the share price have to be over $1 to get the remaining?
The $164mm convert is currently convertible at $1.00 a share UNLESS Helios from this day forward sells cheaper shares in the open market. So the fact that HMNY sold at .345 in the past doesn't impact this new convertible, it only matters if/when they sell shares in the future on the open market. If HMNY was smart, they would draw the full $164mm (convertible at $1.00) and not do any share offerings while they take advantage of the quiet theater months of Aug/Sep/Oct to right the business model and also announce strong new partnerships. With any luck, they can then get the price over $1.00 without having to sell any new shares if they ONLY draw from the convert and deliver on their business model. Will be walking the tightrope to get this just right but they should try as they can always sell shares via the ATM later if they need to.
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