Read the PR carefully and listen to what George said carefully. In a nutshell - (putting aside the diversionary bullshit) they did the RS to create room in the AS to allow for the fully diluted amount of shares that these new preferred shares would create on a fully diluted basis. Since we know that the AS was raised in Delaware to 7.45 Billion shares and the RS cut the OS to just under 1 Billion shares that leaves over 6.3 Billion shares in the OS to accommodate future conversions.
When you look at the total equity in the company (prefs plus common) That allocates over 6.3 Billion shares to HUMBL folks with the remaining 1 billion in the hands of existing shareholders.
6.3/7.45 = 85%
Pre split that would equate to issuing Pref shares convertible into 25 Billion shares ... think about that.
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