Imo the share count is somewhere around 50-60 mil now. Based on trading since the R/S. So if you can buy 10% you could get 6ml, cost now at .0002 = less than 1000 preferred shares.
I don't think you will get the answer that it won't convert so you can back down. You tell how many you want to convert and what to do if that amount excceds 10%.
box a. will cutoff the conversion # to not exceed 10%. The rest remain pref'd shares. b. convert to common shares up to 10% and then convert rest to "restricted" common stock.
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