Even then, if the shares were issued restricted and the company subsequently files a Form 10, they are typically only registering shares to be issued after the registration statement.
Microcaps have always been a PITA, and certificate clearing - especially clearing restricted certs - have always been especially painful. But the clampdown drove a whole bunch of broker dealers to avoid it outright (Scottsdale & Alpine come immediately to mind).
Truthfully, I can't blame them. It only takes a single SEC investigation to make one realize that the reward isn't worth the risk.
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