Or if you would think they would RS to get this, we would also need a matched AS reduction. Makes sense to roll out the plan first IMO, let the share price move up naturally and later on RS with positive outlook.
Not sure if I'm getting your last statement, but if I do understand it, it matters not if they would convert any convertible Preferred shares or not. The fact is, if any Preferreds are convertible, then there must be enough Common shares held in reserve/Authorized to cover them.
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