No they have yet to receive their shares. When the private placement becomes effective an additional 57 million shares will become eligible to be sold. Shortly after becoming a public company their was a private placement of 10 million shares for $1,000,000. That is only $.10 a share. Those people if they have any of those shares still have a profit. Many people, myself included, still think that the stock has a good possibility of going lower. People selling at these levels may hope to get back in lower and possibly double their position in the short term. Also some people may have had margin calls and been forced to sell their non marginal stocks to cover. The main blessing of the S-1 still not being is that I would bet almost anything that some of those funds would have been forced to liquidate their positions and the stock could have potentially gone much lower much faster.
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