The convertible notes represent money already owed by FWL to...

The convertible notes represent money already owed by FWL to Springtree so I suspect the ceiling price does not apply. Convertible notes are normally issued with a face value and subject to an agreed interest rate. These were not! Why would FWL let them convert at such a low price when they had confirmation that Taifeng would pay $1M the next week if they could invoke the ceiling price? After all they received no cash for the transaction.

Yes I agree FWL should pay Springtree their $150K and cancel the agreement under the floor base trigger. That would result in the sp rising back over 10c at the very least!