I think the overall arrangement is okay and is to be expected. The company is in need of money and anyone giving money to the company will want to be able to convert into shares in case of buyout or big jump in share price regardless. Wouldn't you?

JNJ wants first dibs on matching any future financings, I think that is good.

No reverse split

No shorting.

Bottom line is the share price would have to be a good deal higher for a conversion to make sense IMO. And that's what we all want right?

Does anyone know how Illiad is connected here? Looks like they made out on the last 2 financing arrangements now.