There were two things; (1) extended Call date out to 2022 (but notice not manditory) over the LANDP issue. (2) issues may/could be publically traded once all 6mln shares have been sold Or on termination date 1/2023.
The Company intends to apply to list the Series B Preferred Stock on NASDAQ or another national securities exchange within one calendar year after the Termination Date
However saw this and now would not pay PAR $25.00
So issues may/could be redeemed by shareholder at $23.50 (6% discount to PAR) on/after Termination Date. Not sure if this is at the discretion of the shareholder AND/Or Company or just the shareholder.
If it is the shareholder's discretion then, would significantly lower the downside risk IMO.
FWIW, I own the LANDP preferred and as it sits now, that can be called any time at PAR so that is only a 3.8% to PAR and yielding 6.1%. Probably just hold those.
If/when these series B begin trading, might want to Buy at/near $23.50/share. Currently no discovery on price.