Maybe look at the conversion ratio for the preferred shares. This will be very painful if that isn't clearly understood. The current ratio for Series A and B is 1 preferred for 6,547 common shares. The current ratio for Series C and D is 1 preferred for 6.2 million commons.
Ray has 667k preferred (convertible to 4.4 billion commons)
Great Eagle has 153k preferred (convertible to 1 billion commons)
Briones, Front Four, Lucosky, Southridge have 130k preferred collectively (convertible to 850m commons)
Trillium and 3a have nearly 400 preferred (convertible to 2.5 billion commons)
You do realize that all of those conversion ratios get divided by 400 if there is a 1 for 400 reverse split, yes?
Ray goes from 4.4 billion to 11 million.
Great Eagle drops from 1 billion to 2.5 million.
And so on. Do you now, finally, clearly see how a post-split 250m AS leaves PLENTY of room for every single holder of those preferred shares to convert without any fear of an AS limit? I mean seriously, do you get it now? The Outstanding Shares on a 1 for 400 reverse split drop from 687m shares to 1.7m shares. That's waaayyyyyy below the 250m AS. The fully convertible 8.5 billion preferred shares drop to 21.2 million. That's also waaaayyyyy below the 250m AS.
So yeah, if all 3 things happen ($40m capital raise/uplist/reverse split) THEN immediately with a new 250m AS, every preferred shareholder is free to convert EVERYTHING they own. That is the very real world risk that would DESTROY the share price and keeps weighing it down even today.
If anyone doesn't understand this very clear explanation, I can't help further. Good Luck.
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