It’s very simple, the outstanding includes all the voting shares that can be converted into common shares....those are issued and outstanding as of right now but not yet converted. These voting shares are held by insiders and do not trade on any secondary market. To liquidate their positions they would need to convert to common shares. So they do form part (a big part) of the capital structure. Anyone buying Cweb believing only 15 million outstanding gets an F in the due diligence category
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