"I appreciate you trying to pull the answer out of me"
No problem. (But if true you might have responded to me instead of your self.)
Here's the problem, now that you have semi-explained the Feb 7th date without actually mentioning it:
"First round I believe was Dec 9th
Second round is 60 days later"
I made the same mistake and was thankfully quickly corrected: It's 60 TRADING days. February isn't 60 TRADING days from December 9th. So the $2M tranche isn't scheduled to close until late Feb or early March (There are several non-trading Holidays in the period and I don't know how they're treated for this purpose.)
Now that that is cleared up:
"By the end of 60 days, all the shares from the 1st round will have been converted."
That is probably but not certainly true.
I'd rather not guess what this means:
"The first scenario is the company cares about not diluting the s/s to oblivion needing to do a r/s and/or a/s increase. The second scenario is that the company does not care about diluting the current shareholders into oblivion."
I think you've explained it before and I didn't understand it then either. I know you COULD clarify it if you wanted to, but this is not a request. I'm not trying to pull an answer out of you.
ps re: "Why not just do the whole financing arrangment in 1 round?"
1. Seems they didn't need the whole $5M all at once.
2. Given the "convert and sell" nature of this type of investment/investor there was no need to let $5M in shares hit the market all at once.
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