Actually you are very mistaken! New company didn't issue any new shares. The previous company had a court agreement for 3.75 million shares. I would suspect these are the shares which CFGN sells, but he can't have many left.
So float was 3.8, shares but trading history shows approximately 2m shares were sold. NO one knows who got the other 3.7 mill shares. It's not known if these shares will be sold, or at what pps.