They have to do a R/S (or dramatically increase A/S) to allow preferred shareholders to convert, or those are effectively dead shares (not fair to those investors). If they can't secure outside funding, they'll also be hard pressed to raise meaningful money thru dilution with the current O/S nearly maxed and the PPS decreasing. For a R/S, the question is when. (There may be stipulations that preferred series can't be converted or sold until milestone X or Y and ENZC may acquire sufficient funding in the meantime.)
ENZC added 1,600,000 Series B and 2,500,000 Series E according to the latest quarterly disclosure. From earlier analysis it appears Series B converts to Common at 1:10. Series E also converts to Common but we don't know the rate.
There are 447,180,000 outstanding Series B according to the latest quarterly. A potential 4.47 Billion new Common!
Series E still has accounting discrepancies as they're only showing 2,500,000 total outstanding on the latest quarterly, when earlier filings showed this anywhere between 2,500,000 and 25,000,000 previously outstanding, with 7,500,000 in new issuances also thrown around in one filing.
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