The price at which a convertible security can be converted (exchanged) into another security. If a $100 convertible note has a conversion price of $5, then the holder of the convertible note can exchange the note for 20 shares of common stock (i.e., the amount of the debt divided by the conversion price). Conversion prices are subject to change to protect an investor based on the application of antidilution clauses. If the conversion price is decreased to $4 from $5 as a result of applying an antidilution clause, then the holder of the $100 convertible note can exchange the note for 25 shares of common stock (i.e., the amount of the debt divided by the reduced conversion price).