To me, preferred seems like the sort of thing I would do if I were prepping for a viable venture "I am going to drill 20 oil wells, and we expect x... therefore we offer preferred to finance them, and you get dividend y and maybe there is some maturity or something" - something plausible and deliverable with a plausible return, more so than common stock.
In this case, maybe after catastrophic failure, and a recapitalization for LEAPS or something.
Maybe that is also one reason to have done smaller offerings recently, larger offerings would be bad in the face of relatively soon thereafter catastrophic failure.
So r/s is a very real possibility, but I feel like somebody has to know something for sure for it to happen about maybe both the fda and the arbitration, and maybe it has to be bad news. hmn... maybe it could still happen on good news... hmn...
But I think not "before news"
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