________ is when the holder of preferred stock can convert their preferred shares into other stock of the corporation.

A) Merger
B) Transfiguration
C) Conversion
D) Floating rate

Conversion

The wrongful act of taking or using someone else's property without permission, treating it as if it were one's own.

Preferred Stock

A class of share ownership in a corporation that typically confers priorities over common stock in dividend payments and upon liquidation.