I do recall that CytoDyn's use of unrestricted preferred shares are listed as a risk factor in the notes to the financial statements. However, the ability to use the unrestricted preferred shares without a shareholder vote is also part of the company's poison pill defense. For those reasons I wouldn't rule it out.

I am also thinking there is some kind of deal even if I am wrong about the potential structure is that the company did not request more common shares to be authorized in 2024. And with about $21M cash on the books, Dr J in the December Shareholders' Letter said, "Entering 2025, the Company is in control of its own destiny."