Rule 144 Legend Removal Instructions
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Holding Period for
Rule 144 Stock
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Reporting Company*
|
|
Non-Affiliates**
|
Affiliates
|
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Owned Less Than 6 Months
|
Cannot Remove Legend
|
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Owned 6-12 Months
Legend May be Removed, Requires >>>
|
Current public information for company
Sellers Representation
Letter
Legal Opinion from an SEC lawyer
|
-
Current public information for company
-
Legal Opinion from an
SEC lawyer
-
Volume limitations on amount of shares sold
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Stock must
be registered in a Broker name
-
Stock must be sold through a Broker
in US
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SEC Form 144 must be filed
|
|
Owned More Than 1 Year
Legend May be Removed, Requires >>>
|
Sellers Representation Letter
Legal
Opinion from an SEC lawyer
|
-
Current public information for company
-
Legal Opinion from an
SEC lawyer
-
Volume limitations on amount of shares sold
-
Stock must
be registered in a Broker name
-
Stock must be sold through a Broker
in US
-
SEC Form 144 must be filed
|
|
Holding Period for
Rule 144 Stock
|
Non-Reporting Company*
|
|
Non-Affiliates**
|
Affiliates
|
|
Owned Less Than 1 Year
|
Cannot Remove Legend
|
|
Owned More Than 1 Year
Requires >>>
|
Sellers Representation Letter
|
-
Current public information for company
-
Volume limitations on amount of shares sold
-
Stock must be registered in a Broker name
-
Stock must be sold through a Broker in US
-
SEC Form 144 must be filed
|
* Rule 144 is not appropriate for shares issued by a shell, however,
the Rule is available for shares that become a shell
after the issuance. Also, the Rule is available if the shares were originally
issued by a shell and then the company ceases
to be a shell. The company must have conformed to all the reporting
requirements, filed all reports during the preceding
twelve months and filed current Form 10 information reflecting that
it is no longer a shell company.
** Must have been a Non-Affiliate for 3 months prior to request for
legend removal
