Shares that are not registered trade EXACTLY the same as registered shares. All $TCHC did was stop reporting on Edgar/SEC.....
And fwiw....MOST OTC stocks have shares trading that are not registered...they can even be Current/OTCQB, etc....but their shares are not 'registered' with the SEC cause they're not current with their SEC Filings.
Many traders are ignorant of these little factoids....
And the FACT that they took the trouble to file a Form 15 means they want to do something with the company.....Form 15's lead to runs most of the time...fwiw