Once the conversion takes place, the stock will be worth the equivalent of $5.77 (based on WMGI's close yesterday) plus $1.50 or $7.27. Then you have to wait for approval to get another $3.50. Seems crazy for new money to come in at these levels when you need FDA approval just to get your money back. What am I missing?
I.E. As soon as the conversion takes place, 1000 shares of BMTI valued at $9,430 will be worth 248 shares of WMGI or $5,766 + $1,500 cash = $7,266. Upon approval, you get another $3,500 cash but you're still only up 14% over today's price with an FDA approval. The other $3 contingencies could take years. If it doesn't get approved, not only will WMGI get killed but you're already down over $2,000 from the conversion vs. today's price.