That is the pay date. I don't think the stock has

That is the pay date. I don't think the stock has to be actively traded. I own shares in a bank that is private. They keep a list of buyers and sellers and match them together for private transactions. The banks plan is open branches and eventually get big enough to go public or more likely get swallowed up by a bigger fish.

Joe made it sound like the shares would be issued before being on an exchange unless I misunderstood.