AIAdvertising Inc (AIAD)

[Outvester101]

Overall the filings were pretty boring. The one thing that excited me was... on the Form 4, it says that the Series H Preferred shares were "Automatically Redeemed by the issuer" of on 11/29/2021. 

For those of you that don't know, the Preferred H shares carried with them 51% of the vote which gave the holder (CEO Andrew Van Noy) voting control over the company. For these shares to be "Automatically Redeemed" one of the 3 events to cause this must have occurred.
 
1. Company listed on national securities exchange
2. Andrew Van Noy no longer with the company
3. 60 days after the effective date of certificate of designation.

When I first read about these shares I assumed that they were put in place to speed things along toward up listing. I assumed that the language in reasons 2 and 3 were just standard. However, now thinking more critically on this... If the goal was to uplist asap, why have the power lapse 60 days into this push. 

I still think it is 90% likely that they put these in place to try and uplist quicker... instead of having to deal with shareholders, they could just make the decision that would be best for the company long term... However, there is a sliver of me that asks could there be some legal reason to give 100% voting control to one person for a short period of time? Perhaps it would be to shield a specific shareholder from discussions of dealing at Arms-length? This is obviously speculation, it just seems a little weird that they would give 51% control for a set 60 day period opposed to another triggering event.