Since Rule 144 Doesn’t Apply to Private Sales Why Do I Need a 144 Opinion Letter?

Even if your restricted 144 stock was acquired by gift or from a private sale transaction, the issuer’s  Transfer Agent (and the issuing company itself) will nevertheless still require a 144 opinion letter because the letter is not designed to protect you as the Shareholder–144 letters are for the benefit of the Transfer Agent and Issuer so that they can combat any charge of facilitating a violation of the Securities Act of 1933, which nobody wants to do.

 

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