The Series D shares are indeed a floorless convertible financing vehicle. The CP shares have a provision to set the conversion price at 0.20 or the lowest price at which the company sells stock during the 5-year conversion period (whichever is lower).
The conversion price was reset to 0.19 as a result of selling shelf shares at the price. It seems you believe that since all of the shelf shares have been sold that the conversion price is permanently set, establilshing a permanent "floor." However, this is not the case. The exercise period goes until 2007, so if EDIG ever registers more shares and if they sell them for less than 0.19, the conversion price would be reset to that lower level.
The fact that makes them a "floorless" convertible is that there is no absolute contractual bottom or floor as to how low the conversion price could go. It may never drop below 0.19, but it COULD because of the provisions of the notes.
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