Wrong, it is $55 per common share that you own. You buy 5/1000ths of a preferred share for $55 for every common share. You then exchange the preferred shares for an amount of common shares having a market value of twice the exercise price. So, if you buy 5 preferred shares for $55,000, you receive a number of shares of PPHM common stock equal to $110,000 at current market price.
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