Treasury stock does not vote, has no preemptive rights, cannot participate in dividends, and has no liquidation rights.

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Treasury stock represents shares that were issued and later reacquired by the issuing corporation. These shares are held in the company's treasury and do not carry voting rights, preemptive rights, rights to dividends, or rights to assets upon liquidation, as they are considered to be retired from circulation but not permanently canceled.

Treasury Stock Does Not Vote, Has No Preemptive Rights, Cannot