MSEED. Read the latest BKMP pr just out... There is no conversion of Preferred shares to Common shares. They will trade as a separate stock with different symbol and cusip number.
I am not the wizard behind the curtain, but if I had to guess, I would say that there will probably be a certain holding period before they become convertable, and even then, the conversion ratio might be something where it takes a million preferred for each common to start and decreasing over a holding period until it reaches the same conversion ratio as the original issue ratio. If that makes sense.
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