Why does EVE Energy's convertible bond still have so many unconverted shares?

2026-04-02 03:01:24

There are still dozens of billions of convertible bond shares left today. It’s pretty clear that afterward they’ll all trade at a discount to the underlying stock. I’m just curious what people who don’t convert think—did they simply forget to buy? But there are still more than a dozen billion in daily trading volume. Or is it that some institutions holding these convertible bonds don’t allow them to be converted freely?

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