MS, to add to rjs response, https://investorshangout.com/post/view?id=6044935, if the preferred shares had not been issued, GNBT would have had their NGIO control reduced from 90.97% to 63.96% and got absolutely nothing in return.

If you wish, review my take on this move.
https://investorshangout.com/post/view?id=6044611
https://investorshangout.com/post/view?id=6040224


Also if you are not familiar with Corporate Raiders and Hostile Takeovers, here are some references:
https://www.investopedia.com/terms/c/corporate-raider.asp

https://www.investopedia.com/terms/h/hostilet...20approved.

I personally have been with a corporation during a hostile takeover that forced a split. It was very ugly and very costly to the company, the employees and the stock holders. The common stockholders who were mesmerized by $$$ and persuaded to follow and vote with the Pied Piper Raider were so sorry when the carnage had concluded. The Raider left with their big bag of $$$, and everyone else got nothing.