Splitting ONLY common shares by 25,000 to one is immoral in my opinion.
Conway's preferred shares should ALSO split 25,000 to one, and AS should be cut by 25,000 to one at the same time.
IF Conway modifies the RS to include his preferred shares at the same ratio, AND he cuts the AS, then he will gain more respect from investors and observers than he currently has.
25,000 to one for ONLY common shares is outrageous! And the "justification" does not cover not splitting preferred shares by the same ratio.
He ALREADY controls 96.2 percent of the votes! Does he REALLY need to control 99.996% of the votes?