I agree with your observation. The fact that they'd rather have the stock at these levels instead of cash + interest indicates they expect it will go higher. This is priced at a big discount to value, imo. I believe UNXL also has the right to repay at anytime, however, it looks like they have a better use for the money over the next 6 months so they can get the 4X ramp up and running.

I'd love to see a PR for new purchase orders based on the production ramp taking this well into next year.

UNXL has been on this for several months now. Somethings gotta break.