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# 3i Converted at $0.39. It Sold at $0.12.
- URL: https://www.pennystocks.news/vbio-3i-converted-at-0-39-it-sold-at-0-12/
- Published: 2026-08-25T21:21:46.000Z
- Updated: 2026-08-25T21:21:46.000Z
- Description: Since July, one investor has been turning preferred stock in Valion Bio into ordinary shares at a fixed price, then selling those shares on the open market for a fraction of it. Shareholders handed the board the power to do a reverse split — but that does nothing to the preferred stock still waiting
- Author: PennyStocksNews Team
- Tags: nasdaq, ticker-vbio

3i, LP converts preferred stock in Valion Bio into ordinary shares at a conversion price of $0.39 each. Then it sells those shares on the open market. On August 20, it was selling for about $0.12 a share.

Valion Bio, Inc. NASDAQ: VBIO 

The conversion price sets the rate at which 3i's preferred stock becomes common shares: for every $0.39 of preferred value converted, one new common share is created. Between the July 7 record date and August 20, the company's total share count grew from about 4.15 million to about 20.9 million, with the new shares going almost entirely to 3i through a series of conversions, according to a Schedule 13D/A filed with the SEC on August 24\. Those new shares are then sold into the open market.

For holders of ordinary shares, each conversion makes their stake a smaller slice of the same company. Every share created for 3i at $0.39 is one more share dividing whatever Valion Bio is worth.

A contractual 9.9% ownership cap shapes how quickly this happens. 3i cannot hold more than a tenth of the company at any one time, so it converts a tranche of preferred into common shares, sells enough to fall back under the cap, and then converts another tranche. On August 20, 3i converted about 2 million Series C Preferred shares and sold 403,324 of them that same day at $0.1221\. It sold additional shares on August 21 and August 24, at prices up to $0.1763.

Shares closed 35.40% higher at $0.1660 on August 25, on dollar volume of about $17 million.

The free float stood at about 3.09 million shares; short volume on August 25 was about 35.3 million shares.

Shareholders voted at a special meeting on August 14 to give the board the power to do a reverse stock split — at a ratio of anywhere between 1-for-5 and 1-for-50, at its discretion, within twelve months. A reverse split compresses the existing share count, giving each remaining share a larger slice of the company. It does not touch the preferred stock 3i still holds, or the conversion rights attached to it.

How much preferred stock remains available to 3i — and therefore how many more common shares it can still create — was not disclosed in the August 24 filing.