1) Series F Preferred Structure (Contractual)
Issuance and Terms (March 24–26, 2025):
• PROP issued 148,250 shares of Series F Convertible Preferred Stock with a stated value of $1,000 per share (≈ $148.3 M total). 
Dividend rights:
• Cumulative dividend at 12% per year on stated value plus unpaid dividends. 
• Company may pay dividends in common stock if it chooses to do so (not uncommon). 
Conversion rights:
• Holder can convert at any time into common stock at a standard rate of 202.0202 common shares per preferred share (initial base). 
• Conversion price floor: minimum of $1.15 per common share even if the market price is lower. 
• Alternative conversion terms also exist that may allow conversion at different rates. 
Warrants:
• On the one-year anniversary of closing (around March 26, 2026), if any Series F remains outstanding and the common stock price in the preceding 20-day window was less than 115% of the conversion price, the holder gets warrants for additional common shares. 
Redemption:
• The company has the right to redeem all (but not less than all) Series F for cash at terms defined in the Certificate of Designation. 
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2) Relevant Timelines and Practical Deadlines
March 26, 2026 — Warrants issuance test:
If any Series F remains outstanding by this date and the stock price triggers the condition (<115% of conversion price during test period), the holder automatically receives additional warrants. This increases the ultimate potential share count if exercised. 
But crucially:
• There is still no automatic forced conversion date in the contract.
• There is no maturity or set deadline where the preferred must convert or expire.
• The holder always retains the choice to convert or hold.
So the only contractually significant milestone in the near term is the first anniversary (≈ Mar 26, 2026) warrant test, but the underlying Series F itself remains outstanding beyond that until the holder chooses to convert or the company redeems it.
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3) Current Activity and Company Position
Dividend Payments / Partial Conversions Already Occurred
According to one translated filing:
• Dividends for June and September 2025 were paid in common shares rather than cash.
• A modest number of Series F shares have already been converted into common (16,000 & 19,250 shares yielding millions of common shares). 
This is important because:
• Paying dividends in common stock increases share count (dilution).
• Any conversion (even partial) reduces the preferred outstanding but increases common shares outstanding.
Equity Issuance Tools
• PROP also has an At-the-Market (ATM) program up to $75 M that could be used — among other things — to help redeem Series F shares. 
This is not a guaranteed redemption source, but it gives the company flexibility if it needs to raise equity capital efficiently.
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4) What the Contract Actually Means for Dilution
Conversion Mechanics
• Standard conversion: ~202 common shares per preferred share.
• If all 148,250 were converted at that rate:
≈ 30 million common shares would be issued. 
Common share outstanding (per Reddit-derived info, consistent with filings) is ~50.3 M as of late 2025 — meaning potential dilution could increase share count by ~60%. 
Conversion does not depend on a stock price threshold — the holder can convert anytime even at a low price (subject to the $1.15 floor). 
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5) Most Likely Outcomes Based on Current Filings and Conditions
Here are the investment-relevant scenarios, ordered by likelihood given current data:
A) Continued Slow Conversion (Partial)
• Holder may convert incrementally rather than all at once.
• Already seen some conversions — suggesting the holder is not inert. 
• This mitigates total preferred outstanding but also gradually increases common share count.
Implication: Moderate dilution as needed; little market shock.
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B) Warrants Issued March 2026 + Subsequent Exercise
• If Series F remains outstanding by March 2026 and the stock is below the 115% threshold (likely if price remains depressed), the holder gets warrants. 
• These warrants add to dilution if exercised.
Implication: Higher total dilution (preferred + warrants).
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C) Holder Converts All Series F Before Redemption (Depending on Preference)
• Holder may choose full conversion if they assess that redemption in cash is unlikely or equity upside is preferable.
• Conversion generates common shares regardless of price above $1.15 — sometimes even at depressed prices.
Implication: This is a very plausible outcome and could be the dominant dilution pathway if PROP cannot or does not redeem.
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D) Company Raises Cash to Redeem Series F
• This would require a significant cash inflow (debt refinancing, asset sale, equity raise).
• ATM program exists, but the company has not issued under it yet. 
Implication: Least likely absent a definitive financing event.
TLDR;
I have 90% of my portfolio in this