Many otc companies use stock as a currency to fund their operation. It appears that frzt issued preferred shares to raise cash for operations etc. Now the lender, the holder of the preferred shares, wants his money back and is converting his preferred shares to common shares - likely so that he/she can sell them into the open market. Can’t think of why a preferred holder would convert to commons unless they were intending to sell them. The total conversion between the November and March shares totals roughly 6 milion common shares. If these are put up for sell it could tank the price further. It’s interesting that he/she would convert now - maybe they know something or maybe they just want their money back. My opinions as always. Ps. There are also some other reasons they might want to convert - such as holding onto commons for greater than a year for tax reasons ie long term capital gains but doubt this is the case.
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