Good morning.
Actually not correct. The investors had the rule 144 option. Per the sale agreement, ADOM agreed to register the shares for the investors once they filed Envirotech's audited finances via 8K in connection with the acquisition. That was done in March and, subsequent to that, the registration was filed and placed in effect 4May (notice of effectiveness). Once that hit, the investors were free to do what they want with their shares.
Just read the S3 and follow the timeline...it's all laid out in there. Restricted to unrestricted is still dilution!