That's indeed a good point. The question is whether they alread paid the debt right now or not. Because of they did (or at leat a big portion of it) they already received all the shares or close to it.
I agree with you. It's too early in the game yet to call it a knockout and jumping around for joy. If the SP holds up until March 01 then we can celebrate. I still think IR will try to get the price back down to a VWAP around 41c so they donot have to surrender any shares and make a profit at the same time