That won’t happen..
However as a discussion of the ridiculous, The management hold 3.25 shares for everyone in the OS. So Allied would buy those for a fixed cost, all proceeds going to the CEO etc.
They would also make and offer for the shares in the OS ( Which Steve etc own zero) so let’s say $0.000000000000000001 each... this would be accepted, as Steve only cares about his preference shares.
Note holders would also be screwed, so would probably take legal action against Steve / Allied.