Good point. Even if that stumbling block was overcome (as you know I've had trouble wrapping my head around that rule in the past) I don't think they could or would have sold 23 million shares (or any, for that matter) without an 8-K reporting the terms of the sale, which wouldn't happen except at a discount or with a sweetener. I like my guess. Simple conversion. The question remains....Why make the latest filing? Kips had to have cleared the 5% mark months ago.
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