“When that reserve happens the OS increases the amount of the issued shares.“
Once again, incorrect.
The OS is nothing more than the amount of stock that has been ISSUED by the company. The only “reserved” number would be the “Authorized Shares”. The AS is required to be set at a number that will accommodate the conversions if/when they happen.
When the conversion does happen and the shares are issued they enter the OS.
And then when those shares enter the market they go on deposit with DTC.
All the difference between the OS and DTC deposit represents is either restricted stock or free trading stock that had its restrictive legend removed but has not yet been sold.
Market Data 
Markets 
AI
