For worst-case floor conversion price ($0.48/share): the VWAP for the next two trading days has to average $0.21/share
Price seems to be quite stable in the .70s as pointed out by hondobud earlier. From my perspective, it appears that they are content just holding it below 0.80/share so as not to encounter too much resistance and accidentally trigger a run by waking the sleeping giants.
Being conservative: if VWAP is 0.7 for next two days.. 5-day VWAP = 0.746 Conversion price would be 87.5% of 0.746 =~ 0.653
$16.5M converted at .653 = 25.27M With 11.37M warrants (representing additional $18M in paid-in capital; fixed @ $1.6/share) and the pre-financing fully diluted share count of 6M, the new (worst-case) fully diluted OS could not be more than 42.64M
Note: my worst case assumes 100% the series B will convert at the new price and did not already do so to cover their obvious shorts from ~$4/share