Upside : The conversion rather than a re-sale on market means the company receives the funds , not much st this point but $ millions if all get converted b4 lapse time . Downside : shareholders get edgy and think every sale after conversion is the said shares being belled out , so if Big amounts converted ,buy side usually thins out unless there are other factors pushing it ... ( smart companies get this ) Lots of other factors may be applied here that are connected
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