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Monday, April 19, 2021 4:54:51 PM
Even if all the insiders converted their preferred shares into common shares now (at the conversion ratio of 10,000 common shares for each Pref B share) they could not sell it. The OS would go up but it would all be restricted shares.
But now that the market is fully aware of the huge amount of convertible preferred equity out there it anticipates the ultimate impact...because here is what happened..
Before those shares were issued the commons represented, for the most part 100% of the equity in the company.
With the Pref B issuance the commons now represent about 15%.
I have been posting about this EXACT issue since before the annual report came out.
This is not unusual for OTC reverse mergers....which is why, for people who want to play in the OTC, they really need to understand this stuff.
"Harsh reality is always better than false hope"
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