So still some pref shares left which could be good for a merger... around 3.7M shares. Now there is nothing that couldn't make these 3.7M shares covert at a 10:1 or 20:1 ratio either. The limiting factor is the a/s of the common shares.
I think we will see yet another pref class used for acquisitions. They have all come with anti-dilution clauses that keep from converting to commons right away. I expect these will also be leveraged in the future.