Yes, and another fact is that preferred shares are the shares you would want to hold long term for control of a company because they usually come with better dividends and guarantee the holder is paid ahead of other holders in the event of buyouts/liquidations.

As such, and to Roger's point, it would not be wise to trade them for common shares given the advantages that come with the Series A block they now have.

It doesn't indicate anything except that it's the preferred block to sit on for controlling purposes.