Shares down 15% in post market. Very common when CBs get announced, arb traders engage in short selling, then load up on the CBs First, convertible note coming out from SMLR. Semler plans to raise 75 million through a private offering of convertible senior notes due in 2030, with an option to increase by 15 million. These notes will pay interest twice a year and can be converted into cash, company stock, or both. The funds will mainly be used to reduce the impact of stock dilution from conversions and invest in BTC. The company is also entering agreements to protect against stock dilution. 50% allocation of the capital at around $100k would generate roughly 450 BTC.