According to the SEC:
“When you acquire restricted securities or hold control securities, you must find an exemption from the SEC’s registration requirements to sell them in a public marketplace. Rule 144 allows public resale of restricted and control securities if a number of conditions are met. This overview tells you what you need to know about selling your restricted or control securities. It also describes how to have a restrictive legend removed.”
The Federal Securities Act of 1933 requires companies to register stock and securities with the SEC prior to selling them, unless they are exempt from registration. SEC Rule 144 provides a safe harbor exemption from registration for shareholders selling restricted securities in public transactions. SEC Rule 144 requires certain information, including the amount of shares being sold, the affiliation of the shareholder with the company, the period of time the shares were held, and other criteria.
At PEARSON BUTLER Law, our securities attorneys are experienced in working with the various parties involved to produce an opinion letter that allows the shareholders to meet the requirements under Rule 144 and sell their shares.

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For more information on Rule 144 Opinion Letters, contact a securities attorney at PEARSON BUTLER Law who can help with Rule 144 Opinion Letters, public offerings, private placement, DTC eligibility, securities arbitration, securities transactions, or recovery of investment losses by calling 801.495.4104.