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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
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
How Can I Tell If the Seller in a Private Sale is an Affiliate Under Rule 144? Since an “Affiliate” is defined as a “control person” of the Issuer, ask what role the Seller may have played in the founding … Continue reading
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 … Continue reading