Yes, that is my understanding...there is a distinction between conversion and actual eligibility to sell those shares into the market. Also these funders depending on the OS (can only own a certain amount) convert piecemeal. Oftentimes, they can't convert all at once... if they own more than 9.99% of the OS, they must report all their sales (toxic funders always want to remain under the radar as much as possible). So for example, if the OS is 700m, they wouldn't be allowed to own more than 70m shares at once. To circumvent this, they would convert some (hold on to those shares until eligible to be sold) and then convert more as their % ownership allows. The CEO can choose to pay off those notes up until their due payable date (he has that right).
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