Well this is why convertible notes are so damn toxic my friend.
What happens is you are giving people shares at a 75% discount on the LOWEST price over 20 days. In many cases these people are getting shares at half price. They don't give a shit about the company or the price they just want to make money and cash out as fast as possible so once they get their principle back they just dump the rest.
Whats even worse is many of these guys have multiple notes and they can convert at any time. They will get their money back on the first note and crush the pps with the rest of their shares... then they will convert their second (usually larger) note at an even lower price. I.E. there is a financial incentive for these guys to kill the pps if they have open convertibles.
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