The classic definition of float is the issued and outstanding shares that are held by persons/institutions that are not affiliated with the company. By this definition, the float includes trading shares held in street name, unrestricted certificates, and restricted certificates.
Before you conclude that the CEO's explanation is BS, you might want to check to see if you and he are both using the same definition of "float".
I just bought my first shares in TYTN this morning, so trying to catch up with the posts here.
Wadi