I think you are very close. Except that the debt is probably 6 months old already when they settle it.
What you need to find out is, whether the company has to disclose the O/S in the quarterly report before those financing shares can be sold into the market. I have a hunch that it is ok to sell those shares as long as the company is fully reporting + the debt is 6 months old. But I can't be sure.
At least now for once and for all we can put the discussion to rest what it means when guys like BMAK, MBAY, SUNR show up like they did heavily in the last few weeks and months. Some here constantely stated that it's not sure that these are financing guys since there were no further shares given out for the last few months (that's what we thought) and we now know that there were indeed huge blocks given out through Q3 and now we know also in Q4 so it all makes sense that these guys show up and don't move from the ask even on volume days in the 1 and 2 million share range. That should be an obvious thing now even for the skeptics here. A consensus on this topic is worth something at least.
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