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Monday, August 06, 2018 1:55:34 PM
Not quite. Here's an explanation:
BigBake1 Member Level
Monday, 01/29/18 08:36:26 AM
Re: loanranger post# 131802
Post # of 138851
There are certainly cases were the restricted legend has not been removed yet the shareholder has already begun sale into the market using an exemtpion. They have 35 days in which to deliver the free trading certificate, or face a mandatory buy in at the end of the 35 day period. This is only available to "seasoned" accounts, as brokers do not take the risk in clients they know very little about or TA's that have had problems in the past.
So yes it is entirely possible to have shares in the Float before the restricted legend has been removed. Although one may have an agreement in place, as long as the shares legally meet the requirements for sale, it is entirely possible to sell and wait for the paperwork to be processed by the TA before the TA updates the Float.
JBII is a classic example of such an occurence, the infamous FTDs that were supposedly proof the market was being shorted. Turned out it was simply a PIPE financier who was unloading before they had the legend removed and magically the Float reflected that after the fact, despite calls to the TA who kept providing stale share structure.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=138072643
It's not illegal...
On another subject... Today's volume is twice Friday's. That is impressive for an issuer that had a little more than 6 million shares issued and outstanding on 31 July.
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