YEP. This stock will be illiquid tomorrow so they will have to do a forward split to create shares if they want institutional investors to participate. Most large investors, institutions and hedge funds will not buy in if they can't get out when they want too!
What happens to the preferred shares? 25,000,000 authorized but 0 outstanding in the annual report. Didn't see a conversion ratio?
Exact title and class of securities outstanding: CUSIP: Preferred Par or stated value: $.0001 Total shares authorized: 25,000,000. as of 6/30/2023 Total shares outstanding: Zero as of 6/30/2022