Also, if they were afraid of the higher share price, wouldn't they need a bigger discount if the SP rises instead of a smaller discount? Above $2 their discount drops to only 25% instead of I creasing to 35%. That's because at $2 buying and reselling 1M shares would potentially make them 500k profit. That sounds alot better than the measly 45k profit they can make buying and reselling 1M at .15 this is the kind of stuff you learn to understand in business school. Think like a business would, not a retail daytrader speculating on what the price "might" do next week even tho it's an agreement that will affect them over the rest of the year. Making decisions on these kinds of deals with only next week/month in mind would be ignorant.