{
  "uri": "alkn://truthloops/securities/negative-admission-not-liquidity",
  "contents": [
    {
      "uri": "alkn://truthloops/securities/negative-admission-not-liquidity",
      "mimeType": "application/json",
      "text": "{\n  \"source_role\": \"doctrine\",\n  \"observation_type\": \"doctrine\",\n  \"evidence_payload_retrievable\": false,\n  \"scope_temporal\": \"permanent_doctrine\",\n  \"loop_id\": \"negative-admission-not-liquidity\",\n  \"branch\": \"securities\",\n  \"polarity\": \"negative_disambiguation\",\n  \"bounded_proposition\": \"REFUTES: \\\"Because ALKN was listed or admitted, investors can readily exit at or above the issue price.\\\"\",\n  \"required_evidence\": [\n    \"Venue admission scope (primary vs secondary distinguished)\",\n    \"Observed secondary-market data (executed volume, bid depth, spread, settlement)\",\n    \"Transfer-eligibility rules current at exit date\"\n  ],\n  \"correct_relationship\": \"Admission must remain separate from active trading, executed volume, bid depth, spread, settlement and transfer eligibility.\",\n  \"closure_condition\": \"PERMANENT disambiguation loop. Active whenever admission or listing is cited in proximity to a liquidity or exit proposition.\",\n  \"do_not_publish\": [\n    \"\\\"Listed → therefore readily tradable\\\"\",\n    \"\\\"Admitted → therefore exit at issue price\\\"\",\n    \"\\\"Available on the venue → guaranteed liquidity\\\"\",\n    \"\\\"Secondary trading is available\\\" without evidence of executed volume, bid depth and spread\"\n  ],\n  \"linked_loops\": [\n    \"venue-admission\",\n    \"transfer-controls\",\n    \"regulated-distribution\"\n  ],\n  \"status\": \"OPEN\",\n  \"effective_date\": \"2026-09-17\"\n}"
    }
  ]
}