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Senate confirmation hearing that Cantor's investment in Tether is in the form of a convertible bond.

It holds convertible bonds that can be converted into an equity stake of up to 15% in Kioxia and its approval was one of the preconditions for the merger.

As part of the restructuring terms, a portion of its debt would be exchanged into convertible bonds backed by its Hong Kong-listed shares along with new notes with maturities of between two and nine years.

At the time, these companies sporting high equity valuations and low bond coupons issued low to no coupon convertible bonds.

Jana said management "recklessly" deployed capital, raised capital through an equity-linked convertible bond as markets tumbled after the collapse of Silicon Valley Bank, and installed a "misaligned" management compensation program.