A $50M financing is complex, as is $10M or $15M If there wasn’t a path do you really think anyone would do $100K or $200K? The form of transaction doesn’t matter when you think of the impact of $10M, $15M or $50M on the common stock value
The shares being converted are from loans taken out 6-12 months ago.
The newer ones cannot start converting until June of 2021 and hopefully the initial $15 M in preferred loan financing is closed by Jan so that they will be paid off.