Shares conversions are 'not restricted' as you stated but NYBD can issue restricted stock. Even when restricted stocks are issued, they need to be reflected in the books of the T/A as well as the issuer so they have to hit the O/S. When this happens, it would be considered what we call paper certs outstanding which can be both free and restricted certs which have not been deposited into one's brokerage account. Even if the shares exist as paper certs, they must go through the system as being 'issued' and 'outstanding' but being 'issued and outstanding' does not mean 'free trading' which is the opposite of what restricted stock is. When we saw big volumes on NYBD this week, we saw exactly this--p-certs going through the system to reflect the issuance of restricted stock.
News 
Market Data 
Discover 
AI
