Any ticker with toxic convertible debt on it's books has to maintain reserve shares adequate to meet the demand of the debt whether it is current and can issue them or not.
In KALY's case the lowest it's traded is .0002 and it shows 400k of notes on it books so 5B A/S is understandable, if the conversion price is half of .0002. And with toxic convertibles it usually is half the lowest price traded prior to conversion. Like 20 days prior.
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