NEOM can offer to buy back the convertible preferred. YA may or may not accept the offer but for a price the holder generally does allow the issuer to buy back.
Don't expect NEOM to have the funds to buy back for a long time, but the best time to buy back is when they don't have any money. LOL. Can't win for losing. Believe this may be part of the reasoning behind the death spiral theory.
YA has converted some of the preferred. Don't expect them to convert an amount over 4.99% at any given time. I think you know the reason why.
Forcing the conversion by NEOM would have produced more dilution and death to NEOM.
Apparently you know this stuff, so why the question?
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