Yuengling's Ice Cream Corp (YCRM)

[work-n-hard]

The Company has authorized 8,750,000 Series C Preferred Shares of Stock, effective December 13, 2023. The shares have a stated value of $3.00 per share, earns a 2% dividend on the stated value, which cumulative and payable solely upon redemption. The stock has voting rights equal to the number of common shares into which the preferred shares may be converted. At any time following 180 days from the date of issuance the preferred stock in aggregate can be converted into 87.5% of the outstanding common stock for a period of twenty-four months from the date of issuance.

The Company has authorized 1,250,000 Series D Preferred Shares of Stock, effective December 13, 2023. The shares have a stated value of $1.00 per share, earns a 2% dividend on the stated value, which cumulative and payable solely upon redemption. The stock has voting rights equal to the number of common shares into which the preferred shares may be converted. At any time following 180 days from the date of issuance the preferred stock in aggregate can be converted into 12.5% of the outstanding common stock for a period of twenty-four months from the date of issuance.

Effective Dec. 13, 2023

How do you read that?
Looks to me as though they can be converted in another 4 months. Not saying they would convert, but if they are convertible, then they have to be covered in the Authorized Shares number, is my understanding.

Page F-20

https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001624517/000182912624000965/yuenglingsice_10k.htm