That is not at all what it says. UCHB can simply not participate in the direct or indirect distribution.
TSHL got the cert. for the restricted shares.
We can expect those not to become unrestricted for at least another 6-12 months.
So the float here is about 30M with the outstanding shares at about 30M plus those shares from the cert. 190M, which is about 220M OS. big deal.
Floating shares are the outstanding shares that are available for trading as opposed to those held by founding partners, in pension funds, employee stock ownership plans (ESOP), restricted certificates and similar programs.
I know a few shareholders personally here. Some of us have held on to this for years. Together we are holding probably a few million shares.
Read the shareholder letter carefully.
The next few weeks/months should be very interesting here.
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