Cdude, maybe they were hoping for the average to go even lower than the 0.70s but then the sudden share price spike caught them off guard.   They saw a rush to $1.52 just a dozen trading days ago.  "Sneaking in" today at $1.08 probably looks like a steal right now.  IDK just a possible explanation for the timing of the conversion and maybe its not because they have some inside info on an imminent deal.