Starfleet Innotech Inc (SFIO)

[Stockguy89]

I guess they could do an exchange if the preferred holder wanted to trade for common, but that would not reduce the number of common shares as is implied by a conversion. I don’t have any first hand experience with this, but just briefly looking into this:

“ Convertible preferred stock can be exchanged for a predetermined number of company common stock shares. Generally, this can occur at the discretion of the investor, and he or she may pick any time to do so and, therefore, take advantage of fluctuations in the price of common stock. Once converted, the common stock cannot be converted back to preferred status.”

https://courses.lumenlearning.com/boundless-accounting/chapter/rules-and-rights-of-common-and-preferred-stock/

This outlines the basics, but for more definitive information you would probably need to dig around the SEC site.