Common Shareholder Rights and Dividend Priority

Investors often seek to understand the structure of common shares and the implications of ownership rights before making investment decisions. Consider a company that issues both common and preferred shares. Preferred shares typically have a fixed dividend, which is paid out before any dividends are distributed to common shareholders. However, common shareholders have the right to vote on important corporate matters. If a company undergoes a major restructuring that affects its capital structure and dividends, which of the following statements accurately reflects the implications for common shareholders?