A stock with nothing but FTDs cannot be traded. It simply isn't possible...especially with new rules. Real shares have to enter the market, and the only source is BCIT. There is no other way. Rough guess? 70% of FTDs have to be made good...then MOASS on the rest.
somehow we need to get to a market where nss is not allowed (Germany; London; Shanghai, etc) but I have no idea how we get our US shares traded there. That's up to CH to figure out, hopefully.
Or we use whatever transparency other companies like Overstock achieve...... perhaps