That convert note was priced years ago - that’s what PC was valued at then. BFC got back par on their convert, it wasn’t based on a business valuation for PC.
PC has continued to grow and also invested $8m in the last 12 months, so $32m feels legit against a $20m from more than two years ago and pre investment
BFC Price at posting:
22.5¢ Sentiment: Hold Disclosure: Not Held