Hey Niczar,
How about he's able to convert those shares, but chooses not too?
Or, chooses too as he needs some liquid for another project. Convert or not, PCT is ONLY ON THE HOOK for 5%. He's got the shares already anyway, that's not going to change.
As an aside, PCT's debt service expense will improve.
Perhaps he see's the .15 as too long term for his model.
That said he CAN convert, but is not required too.
Me, I got a fist full, plus a pick up truck of shares... and the patience of Job.
just my current thoughts...subject to change...MTF
GLTU
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