Yes, it can happen, and so can the dividend. However, why file under the Securities Act of 1933? I had this conversation with Enforcement in Washington DC, and they asked the same thing, why not an Exchange Act of 1934 registration? The only problem I see is DTCC will want to renew the source of each and every share before they will be cleared for transferability. I think an S-1 will bring 9 months of comments, where are a 10-12g will go through quicker.