What is facilitating the action is the known conversions and it is out of the company's hands at this point. I believe there are few traders flipping this at two ticks up. The Labrys notes alone for around $700K must be filled as the share tranches are requested. It would be smart for those converting to let this gain a little strength off traders believing the dilution may be coming to an end for a bounce off the bottom. Two ticks up is a big deal for a fund holding tens of millions of shares at around .0009 or less. I doubt that they let it close very high because it increased the the future base share price of their conversions.
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