I knew this would happen, I posted about it in November of last year. The fact is, the stock was beat up by whoever or what ever was selling it and for what ever reason. Sorbie argued the fact of this (frankly catastrophic) SP decline to JG & Co and played hardball with it to ask for more goodies in return for his risk. 

So... I don't totally agree with you on Sorbie's motive here. One even though they have an incentive to buy cheap shares, Sorbie doesn't have an incentive to outright kill the company. The company is clearly at an extremely important stage where cash will be needed urgently, so keeping the share price down on purpose for any reason during the time this agreement is effective makes no sense.

Secondly, the agreement doesn't marginalize/limit Sorbie's profit from selling shares if it exceeds the benchmark price, it means both parties benefit more if it goes above it. So unless I'm misunderstanding the agreement, once again, Sorbie shouldn't want to strangle Sixth Wave for any reason.

So do you think this was a plan to allow Sorbie to further finance with Sixth Wave before the period the contents of those notes become accessible to them? Would such a thing even be legal, given the ownership limitations they already agreed to in their first financing?