That's true of the preferreds only. Mak still holds 80% of those preferreds. He converted 20% of them last year around his first anniversary date. He'll probably continue to do that for a 5 year period, unless something changes.
I don't see any evidence of Mak selling ANY of his shares to date. That bodes well for longs in AAGH, imo. See link and click on "Insider Transactions" tab:
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