Converts shares at a 50% discount to the lowest trading price in a months worth of trading, for immediate sale. It's guaranteed money. He is prohibited from owning more than 4.99% of outstanding at any one time. Hence the motivation to sell
He's also facing a long prison sentence and needs to raise cash to pay for his defense.
Gail was invested in another of his companies IGNT. the pulled an unannouced reverse split. Gail argued with me up and down there was no reverse split. Except there was. CEO went to prison.
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