Biotech Values

[biomaven0]

>>They have some convertible preferred stock that's excluded from the new investors numbers even though it converts one for one

If I remember these arcane calculations correctly, if the investor also holds convertible preferred that could become Common at their discretion, then those are included in the nominator of the percentage calculation for some purposes only (like the Proxy but apparently not the 10% holding calculation). Logically these converted shares would also be included in the denominator, but converts held by others would not be included in the denominator. There are also various complex attribution rules where sometimes holdings by others (like spouses) are included.

So bottom line, don't expect the percentage ownership to always total to 100% and expect to see different percentages in different types of reporting.