Cryoport, you are mistaken about the conversion amount. From the last 10Q
On September 22, 2009, the holders of the May 2008 Debentures converted $100,000 principal into 222,222 shares of the Company’s common stock at a conversion price of $0.45. As a result of the conversion, the Company reclassified $52,799 of the derivative liability related to the embedded conversion feature to additional paid in capital and accelerated the recognition of $41,277 of unamortized debt discount as interest expense.
The 1.3 million shares you refer to go back to May and those are long gone.
In the Q it also said that warrants were dropped to .45 as well. There is going to be a balloon payment for the amount remaining due July 2010. So it might be better for the company if these guys continue to convert and sell out. It does put a cap on how far the stock would move, but realistically where is it going anyway until we get some news of a deal. If financing comes before a deal, the more they have gotten out the better for us.
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