FWIW, the new OS of 35,712,610 exactly matches the number I calculated when I wrote my 1/11/20 post about the market cap being roughly $20M as of this past Friday:
I wasn't expecting them to convert this soon, but I think that they did it because their hands were tied when they had to amend the Series X stock designation to fixed values from the open-ended 97% ownership in the original document filed in Nevada, probably so that FINRA would approve the 1:2,000 reverse split.
If the dilution from conversion happens as I expect, then with only 33M votes, CEO Carter and Clifford Rhee could lose control of the company.
Therefore, I expect that they will soon (1 - 3 months) file for a new series of preferred stock that will preserve their control.
"Soylent Green is people!!!"
Detective Robert Thorn: Telling uncomfortable truths since 2022
DRT is Charleton Heston's character in the 1973 movie, Soylent Green, set in the year 2022, and is not my real name
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