No, all they are doing is moving some stock from the DTC, the Deposit Clearing Corporation, to another system which does not allow stock to be traded so easily. It could be moving it to paper certs, but I doubt they are doing that. The other system requires that the stock be put back in the DTC before it is sold. This means that the owners intend to hold it for a long time.
The effect is to show fewer shares in the DTC, or float. My opinion is that some of the MMs are stuck with naked shorts and this will demonstrate to them and to the world how many shares there are available for them to buy to cover. Not many IMHO.