In my opinion, those shares came out of the O/S, and are in Rizvi's hands, whoever he is.
They will want to sell them at a much higher price, or will be used to retain control over CBAY. In this case, that would mean they consider the shares cheap and valuable.
Either way, this pos should make a nice run.
When? ...
... well, as per last PR, it looks like soon enough, no?