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Friday, June 30, 2023 10:39:24 PM
I had already addessed this but it’s been some time. SO IMO;
1- One can’t just convert these Preferred B Series into Commons. You are talking about a process that takes at least a year to complete. THESE PREFERRED shares according to Jordan, take 1 year hold to convert into common.
2- Frankly- If you want to remain the Preferred B Series Shareholder - and owner of their own company - then they certainly won’t do that anyway. They would have to change the Corp Resolution , articles to increase shares and we would see all of that ahead of time so we knew what to do.
3- Almost ALL MANAGEMENT owns preferred series shares that can wipe out their commons. VOTING CONTROL and poison pill. But that’s their poison pill for sure and you can’t put those shares into the market for at least a year. That’s very important to Note imo. So it’s nothing one have to be concerned about at this time FOR ONE FULL YEAR AS OF DATE OF TRANSFER request.
The preferred they get - would then eventually turn to book entry shares and again- 1 year later can become commons. And that’s from the date they actually start the request to transfer the shares. Not as of today.
4- THE PUBLIC gets to know when the insider does that. So a clock would then start AND THESE SHARES are all 1 year as per management. So respectfully - I’m not concerned at all about a company coming in especially with THEIR OWN FINANCING and cash - to make this happen.
NOTE - This would only concern me ONE YEAR FROM DATE we find out they actually took preferred series shares and converted it to commons … and they would have to then address the share structure at that point which is exactly what they said they won’t do currently. MY LEVEL OF CONCERN ON THIS AT THIS TIME IS none.
Hope that answer helps!
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