Cede &co is stock held in street name by those not wanting there name public. Anyone could own those including the company considering they are alternative reporting. I hadnt thought about that so you might be correct although its more likely a mix of the company and other investors.
I would also state that ALL UATG executives are prohibited to deposit their stock and have the legend lifted per corporate instructions and the only person that can currently lift a legend off of a UATG certificate is the CEO so even if they could deposit their shares they can not sell them