Agreed, there'd be little reason to have preferred shares that are unconvertible except to create value for insiders in an acquisition. I expect to see A/S increase. If they're clever about it, they do it all quickly as an uplisting + reverse split + maybe an A/S increase to balance everything out for all stakeholders.
Many people will see a R/S as good if it's tied to the idea of uplisting.
Whether they're intending to convert the Series B and dump, or hold the shares with the option to convert later, or use them in deals, it makes sense to unlimit their potential.
The owners of the special series shares are Charles, Joseph, Chandra and harry.... yes at some point WAY down the road they will have to increase a/s so they can dump those but that isn't going to happen anytime soon.. not until price is well into the multiple dollars