From the IPO (Section 6.6); 154,625,302 shares were placed in escrow to be released on set schedule.
Those specific shares as a percentage of the total shares on offer is the 57% as noted.
Now 22,834,875 have been released, reducing the shares held under escrow to 48% as noted.
This does not directly correlate to the actual holdings in TUL where Tulla Private & The Maloney's entities still hold 65%.
