Avid Bioservices Inc (CDMO)

[shipbuilder]

Krak, when I read that portion of the S 3 my take away is that the 3,000,000 preferred shares can be written in any way managment deems necessary. Am I wrong to read this as the remaining preferred shares can have a different common stock conversion ratio, in addition to those shares having weighted voting rights? Is the implication of these several paragraphs, pertaining to the final 3MM shares, that these preferred shares are extrememly variable and they can be used to transfer more than 50% of the company into the hands of whatever acquiring entity they choose? Are there limits to the variability to these shares I'm missing in my read? I guess my most distilled question to you is: what makes you think that the remaining shares necessarily have the 8 to 1 conversion rate of the preferred shares already sold?