Tender shares for preferred stock

$Exela Technologies(XELA.US)$
Tender shares for preferred stock: For each 20 shs of common stock tendered, holders will receive 1 share of 6.00% Series B1 Cumulative Convertible Perpetual Preferred Stock having a liquidation preference of $25.00 per share of Series B Preferred stock (an effective price of 1.25 USD per Common Stock)
https://www.sec.gov/Archives/edgar/data/1620179/000110465922054796/tm2212625-3_sctoia.htm