The new company has stated that, although they are under no obligation to do so, they will be doing something by way of redemption of the Preferred C Shares as this was specifically requested by the former PVEC CEO. They will be making announcements in a future PR - see their website.
We will have to wait and see - it could be redemption at face value of $.2 for the full number of shares on the certificate as they are not subject to the reverse split or it could be the full number of common shares or a lesser number of common shares. As they were originally a "gift" not an entitlement or dividend, treat it as a bonus if and when it happens!
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