CEO  My thought, and only that. Factual or not maybe one here can confirm. Registering shares will allow him to sell the converted in the future. At his choosing. Not knowing how many total shares he does have, my thought has always been that he is preparing only in case the stock does rebound to a price where he is comfortable selling. Maybe he is hoping for that. Maybe get a little cash for what ever reason he needs. It has always been my understanding, correct me if I'm wrong that by registering them does no mean you have to sell them. They will sit in his brokerage account till he is ready.  Just my thought.