Series 79: Resales Of Restricted And Control Securities (Rule 144)

Resales of Restricted and Control Securities (Rule 144)

Investors who acquire securities in an exempt offering cannot simply sell the securities in the public marketplace. Unless the securities are registered, the securities can be resold only pursuant to an exemption from registration. Rule 144 establishes one such exemption, and it is the primary vehicle for the resale of restricted and control securities.

The rule defines restricted securities to include securities acquired from the issuer in a private placement or other exempt offering. Restricted securities can