From the S-1: "The Discover Note is convertible into common stock at the option of the holder commencing on the earlier of six months after the issuance date or the effective date of the registration statement which register the resale of the shares issuable upon conversion of the Discover Note ."

I don't speak lawyerese, but this looks like circular logic that could possibly allow conversion immediately. It sort of says they can trigger conversion by registering the resale of the shares that they would get if they converted!

Maybe they converted immediately in an effort to grab divs... in which case this could be a further cluster for the div/S-1, etc.?

And, oh, good... they recently transferred their business from the Caymans to the USVI...

https://sec.report/CIK/0001762773