My best guess for that is: 350M
And yes, you could go with the from the Shareholder Letter, No raise of the O/S. BUT can he speak also for the Debt holders?
Since there are NO Terms shown for the conversion, there might not be any restriction on them. Who knows? Only Mr. Goode, Mr. Barton and Mr. Nienstedt, since the Terms aren't mentioned in the quarterly Report.
Black or white, good or bad, at least something to consider, imo.
GL to all