It is always 4 months from closing date of the pp before the shares and warrants come free trading. PP are only available to accredited investors with $1M in financial assets or $5M in total assets or $250k per year earnings or close friends of the board. All these safeguards are to make sure if it is a scam that it won't work out well for those attempting to pull it off. Since no brokerage is involved to perform dd, the safeguards are put in place.
If it was a full blown prospectus, which it wasn't, it would be immediate free trading and open to anyone.
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