The company can discount as much as they want. The problem is that the bigger the discount--the more shares it takes to satisfy the debt. That means even more dilution and even more share price erosion. The poor dumb creditors are between a rock and a hard place. Keep accepting share in lieu of cash---and lose money, or force the Company into bankruptcy--- and lose money. PBIO can't get the cash because there are too many cheaper alternatives.
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