This all occurred before the Cotropia's involvement, so I have to wonder who was monitoring the issuances at the time. I'm familiar with the tranches and the reasoning behind them, but I didn't see anything in the Disclosure describing who was confirming compliance with the limitation. However, I can see from the daily volumes on the issuance dates and soon afterwards that it is plausible that they sold all or most of the shares issued in each tranche and are either completely out or likely in compliance with the 9.99% limitation.
By chance, have you also looked at the conversion rates used on the $100,000 note conversion from June to August of 2020?
I'm long on ENZC.
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