PIPE's are registered as PIPE's and will be listed in filings as such. The SEC requires PIPE funding to be declared as such. There is no mention of any PIPE funding in any of this company's filings. Therefore there is NO PIPE funding.
PIPE' absolutely have everything to do filings and registrations. Let me clarify for the last time, if the PIPE funding came about at the time of the S1 it would be listed as a PIPE in the registration. If the PIPE funding came after the S1 then it would be listed as a PIPE in a following 10Q OR 10K filing. There is no PIPE funding in HALB.
Furthermore if the shares don't fall under rule 144 then the shares from the conversion will be issued as restricted shares and CANNOT be sold into the market for six months after issue once the legend is removed from the stock certificate. Currently the note has not be converted and no shares have been issued. Therefore there is no death spiral.