RE:Why convert now??Yeah the only piece that is missing for me is the timing. Why do it now? The most plausible explanation I can think of sitting on the outside is that SPR had no intention of paying that debt and was always hoping to have that debt converted. Then the cannabis crash happened. New sources of capital have all dried up, share prices across the industry tanking, etc. MMCAP knows this and instead of litigating on trying to recoup their loaned money, strong-arms SPR into repricing the conversion price.
Remember as part of that financing deal, MMCAP was given almost 10 million shares (not warrants). More than enough ammunition to beat the cr@p out of the stock and force SPR to the table. As someone mentioned earlier, this was a 'rip the band-aid off' moment for SPR. MMCAP also has over 4.5M warrants exercisable at .65 and .90 that are likely going to expire OTM in Oct so another reason for them to put the screws to SPR.
I think SPR is just trying to get rid of these MMCAP vampires. But the roller coaster isn't over yet! Now that MMCAP now potentially has 78M shares to F with the share price in the future.
Again, all wild speculation given the info we have access to. Does anyone see errors in this theory?