Authorized share totals are very different from issued and outstanding share totals and this is very normal for lots of companies in addition to our own.
Many of these items were established prior to going public in December so that the company had operational flexibility before needing annual shareholder meetings and proxies to legally conduct operations.
In parallel, and speaking of legally conducting operations, you should know that it is currently illegal for any insider, director, officer or employee to do anything in the public market with our shares.
Post six-month lockup expiration on 6/26, we now have an earnings blackout period until after we file our Q2 10-Q in mid August. In fact, from 1/1/2019 through 12/31/2019, we only have 30 calendar days for the year when we are legally allowed to buy or sell stock. Next year, that number increases slightly for the year, with a grand total of 45 days in which we can buy or sell stock.
Hopefully that helps with some of the guardrails that we have and also why and how we structured what we did late last year leading in to the 12/26/2018 closing of the SPAC deal with Stellar to create PHUN on Nasdaq.
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