AIAdvertising Inc (AIAD)

[Zuper8]

How can the CEO unilaterally decide to use a tactic like this to take voting power away from the shareholders to take controlling voting interest in the company? Doesn't the issuance of these new types of shares, done for this purpose, require a vote of the common share shareholders?

Also, I've seen posts that indicate that the institutional shareholder may be able to renegotiate the purchase share price, now that it has gone lower than their purchase price for the $10 million investment. How can that be legal? There should be no guarantee that the institutional shareholder can't lose money on their investment.