No, the preferred shares are restricted upon conversion... The shares will be tradable only 6 months AFTER conversion into common shares...
The whole purpose of doing the refinancing was to STOP the increase in the outstanding shares... These preferred holders are insiders and affiliates who are not penny flippers.
They WANT the share price to increase from pennies into dollars...
The preferred shares are a good thing... June 08 is meaningless, until the shares are converted...
Now, there will be SEC filings, so any conversions will have to be detailed BEFORE the shares can become free trading..
So until you see conversions taking place... don't worry about any preferred shares...
And, remember, most of the preferred shares are callable, which means the company can buy them back and cancel them... AT ANY TIME!
