Looks like the market agrees this is disappointing. My (limited) understanding of convertibles suggests Accuray credit requires giving away the company to get capital. The BOD sits on their tails and the shareholders gives them a pass. We deserve what we get.
"The notes are expected to be convertible under certain conditions into common stock of Accuray. The notes are expected to mature on February 1, 2018, unless earlier repurchased or converted. Accuray may not redeem the notes prior to the maturity date. The interest rate, conversion rate and other terms of the notes will be determined by negotiations between Accuray and the initial purchasers of the notes."