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Author Archives: Matheau Stout, Securities Lawyer
Rule 144 Opinion Letters Cannot Be Drafted for a Current Shell Few things are more frustrating than “shell status” to OTC shareholders with restricted stock in microcap companies. Why? Because Rule 144 cannot be used to clear restricted … Continue reading
New Requirements for OTC Markets OTCQB Market Tier In 2014, OTCMarkets.com tightened the requirements for Issuers seeking to become quoted on its OTCQB marketplace. This has resulted in many fully reporting SEC filers appearing as Pink Sheets on OTCMarkets until … Continue reading
Sometimes Shareholders, such as Affiliates, will sell stock over time and the question arises whether or not one Rule 144 legal opinion will suffice. This depends upon how long ago the 144 opinion letter was drafted. The reason updated legal … Continue reading
When Can Affiliates Sell 144 Stock Without Volume Restrictions? Under SEC Rule 144, a former officer, director, or control person of an OTC public company can sell his or her shares without the trading volume restriction if greater than 90 … Continue reading
Beneficial Ownership Under Rule 144 Depends on Control Affiliates in OTC Bulletin Board and OTC Markets public companies are generally the officers, directors, and owners of greater than 10% of an Issuer’s outstanding stock in a given class. The question … Continue reading