I think your second interpretation is correct . Toxic lenders have one gameplan - they sell the converted shares and are not in it for long term appreciation. They take quick profit and for the type of loans they make probably a smart approach as "long term appreciation" may never occur. They may space the selling out so as to not tank the stock in one week but they are sellers not investors.

Wasn't clear last time why the lender held off for several weeks. Perhaps for some additional shares. We're never given to know just how these conversions go down till we see them play out and even then it's hard to deduce the total shares sold since regular market action is occurring along with sale of the conversion shares. Maybe some have way to tell - I do not.

I am not clear on which loan or loans are converting now. if the larger June loan is still out and isn't repaid by that conversion date then we will see many more shares on the market next month. Some more info would be welcome as to which loan or loans are in play as mentioned in the PR. Also the flying decimal points don't help.