I agree. There is nothing to prevent them from going another 6-12 months in silence and raising capital to fund operations and payoff these notes from other sources. Or go back to these noteholders and renegotiate the terms by enticing them with more equity. We will likely be voting on increased share authorization in 2022. Once October comes and goes we will begin to talk about 2022 being our year with all eyes on ASCO once again. Will be adding more shares but will hold off a bit as I suspect we drift lower.
The terms give the option to purchase shares contingent on the next offering after the release of TLD. They could still conceptually have an offering prior to TLD; that offering would just not be subject to the loan in question.
However, I don't think that is the intent. I believe it is intended to imply the next offering will be after TLD. It's just an escape.
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