David Lazar's OTC SPAC's/CUSTODIAN Plays

[GreekSeas0ning]

Quick answer. DL sells the preferred shares (from certificate of designation) and new owners take over SS and do what they want with it (hence Reverse splits being frequent in take overs even with low SS). Sometimes DL have commons too or % ownership during sale i new company needs or wants him on board for a little longer as they acclimate US operations.