gotcha. Those notes were reported converted a while back in June. SP hasn't done too great recently. Pure guess on my end but likely they converted around 270 and sold at the top.
1,250,000 - 12,024,00 = 226k / $1.38 = 168,768 shares to short with. Shorts very strong here running 30% daily. Short volume is around 600k plus a day +/-
I would say 170k shorting shares is being used optimally along with other tutes shorting. Just my view which is supported by the steady downtrend since august high. this stock hasn't been bullish since then.
Full disclosure i dont have an entry here since leaving a $4 and playing puts down to 3.. looking for re-entry when ever this finds support.