Release-to-cash plumbing throttling unlocked shares cleared the stack Locked shares 180-day restricted legally ineligible Legal eligibility legal release ≠ sellable inventory SPV stack 4-5 layers deep L1 L2 L3 L4 about 1 month per layer fees at each stop Form 144 90-day clock 10b5-1 cooling-off 30-120 days Trading window ~6 wks per qtr FINRA 11870 transfer + settlement tape thin slice
Follow one share lot from the locked block to the tape; pick a position to park it at any gate.