The difference sadly here is not about being reporting or not... as it's not the company that it's diluting.
The convertible debenture holder is naked shorting the stock in order to get a lower conversion price and hedging it's risks. Once he'll convert, then this will run (as he'll have a ton of shares to sell at the highest possible prices). But now we can only guess to how low he'll send this.
For now he raised about 900K$ from the start of the selling off. So, out of the 2.2M convertible debts maturing next April, he recovered .9 + .4(the first 8 months of interests were already retained at the beginning) = 1.3M$, so he now has to recover another 900K$.
If he'll convert today he can convert up to 900M shares.
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