Do the restricted shares become free trading automatically 1 year after issue or does IVST need to issue a registration statement for them?
There are a LOT of different dates on which restricted shares were issued, and no one single slug of shares that would explain today if sold. None issued a year ago today or thereabouts.
Attributing the big volume drop today to shares coming off restriction would only make sense if IVST had to issue a registration statement and one is in the works for several tranches of the restricted shares.