Buildablock Corp (BABL)

[sam1933]

When a company holds its initial public offering (IPO), it is expected that all outstanding preferred stock will convert to common stock immediately before the IPO.
This is because the underwriters (the investment banks) managing the company's IPO will require it.

in short, 26 shares of preferred (issued and outstanding) will convert to common stock and also be subject to a reverse split. JMHO