You are comparing apples and oranges. Toxic death spirals allow the holder to convert at massive discounts to the current market and short against their conversion feature. Toxic financiers love that. They also allow the holder to convert at the current market price, which will continue to fall (and thus give them more and more shares).
504's and 505's don't give that flexibility and don't offer a price reset that death spiral convertibles do. They are not nearly as attractive for these funders as the toxic convertibles are.
For toxic financiers, they much prefer a company to be fully-reporting.
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