“Actually it matters quite a bit because it would have to be raise before they can actually dilute past that“
...and as I said they can raise it at will so it will never be some sort of “protection” againt dilution beyond whatever it is currently.
If retail common shareholders held more than 50% of the equity voting power then it might be a different story as they would have to approve a raise in the AS....but in the case of KLMK that is not the case.
...so all they need is “written consent in lieu”...from about 2/3 of the Pref D holders...and since they are the ones who will be converting when the time comes their interest will be to raise it if they need to.
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