Yes but, I think the converters are more likely to sell early because they have huge volumes to sell. I think they're more likely to take the money and run rather than wait (the market abhors uncertainty).
For example. if you convert 50 mil at .05 and sell 50 mil at .08, you've made $1.5 mil on a $2.5 mil investment. Maybe they sell 45mil for $1.1 mil profit and let the final 5 million shares ride.
Now that those shares have been converted to profit, there won't be as much resistance. If day one post-conversion is any indication, we're already seeing the effects - up 2 cents on smaller volume. The largest jump since the day the IND was announced.
A good start anyway.
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