It’s not shorts. It’s the note holder, exploiting weakness to set a lower conversion benchmark. And it was totally and utterly predictable and preventable.

If the funding is “secured” and the company didn’t need the cash, then this “gift” to loyal shareholders simply opened the door to value destruction. Yes, the share price should rebound at some point - assuming we truly have funding - but every penny we give up is a penny we have to gain back. Not to mention the increased dilution and the feedback loop created by a lower conversion rate for the note holder.