Nope WRONG you have not been paying attention the pref C shares will be financing the company's debt not the common. NWBO is selling Pref C's and not common remember.
If thereafter the pref C can convert to common because they cant get the vote then that is not coom shareholders' problem but that of the pref C.
Btw its an enormous failure by NWBO NOT being able to get a royalties deal in from Merck and the likes of Merck with the TLD presented in NY.