Yes, all this means today is the Series A shares voting power is 1.2 Billion strong. In order to convert Series A shares to common shares they must "authorize" enough new common share inventory to allow for the 1200 to 1 conversion. Of course they control the company and can do whatever they want now but it's doubtful much further dilution at this point would be in their best interest.

Be sure to read the accompanying CERTIFICATE OF DESIGNATION. It's not much fun to read but discloses all the particulars of the decision.