Stockholders have the right to vote on the issuance of convertible securities because they will dilute current Stockholders' proportionate ownership when converted (changed into share of common).

股东对发行可转换证券拥有投票权，因为当转换(转换为普通股)时会稀释当前股东的所有权比例。

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Hedge funds and mutual funds who have the right to vote in shareholder elections, as these firms are the stockholders and people just buy into the mutual fund itself, take these voting rights seriously because they have a stake in the outcome.

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