Now that this transaction has been disclosed, the holders of the preferred do not have to disclose sales going forward as they convert to common and sell those shares. The company must disclose conversions in their future quarterly and annual filings. Those obviously are not "4 day" disclosures. The only exception would be a holder that owned 5% or more of the shares because they would be subject to the 13D rules.
The preferred can convert into around 75 million common, and there are about 11 million warrants not subject to the suspension agreement. There are plenty of authorized shares to cover the full 86 million in potential issuances.
What the company failed to disclose is the "convertibility date" when the preferred can be converted. That date is set in the "Series C Subscription Agreements" which the company failed to disclose. That is an SEC reporting violation as the date is a material fact required to be disclosed and the agreements should have been disclosed either as an exhibit to the 8-K or the 10-Q. Naughty, naughty. Les knows better.