Canal Capital 1.30 PFD (COWPP)

[simon song]

Because they are exchangable at $1.30 or above with common shares for 1:1 ratio.
Or they could be simply bought back for that price by the directors of the company.
But if the value surpasses $1.30, of course they will have to buy back for higher than trading pps.

Also, preferred shares have priority over common shares when it comes to claiming missed dividends, but don’t really know if it applies here to new shareholders.

IMO