Does Rule 144 Require Me to Sell My Stock to Remove the Restrictive Legend?

Yes, Rule 144 requires you to sell your stock to remove the restrictive legend.  Rule 144 cannot be used to remove the restriction on securities you do not intend to sell.  (The one exception to this is that securities that can be cleared under Rule 144(k) do not need to be sold to remove the legend.)

Rule 144 allows a 90 day time frame for the sale of restricted stock. During this time, your shares will remain restricted, but you are allowed to place sell orders.

 

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