that is my understanding! cert exchanges happen all the time while stocks continue to trade. as art mentioned earlier, after the Jan 16 date the owner can still exchange the certs for new shares. this is a unique situation so maybe that is why we cannot trade until all parties are covered legally. seems to me we could be trading right now while the cert exchange takes place, but the DTCC is not releasing the shares w/ the new CUSIP. so it does look as if the hold up is with the DTCC, in my opinion.
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