In general, sale of restricted securities is not permitted unless the sale is exempt from SEC registration requirements. There are various exemptions to SEC registration requirements; however, most holders will typically use the Rule 144 exemption to sell restricted securities.
Please note that you must meet all conditions of the Rule 144 exemption in order to sell your restricted securities.
In addition, once all conditions of Rule 144 exemption have been met, you cannot sell restricted securities in the public markets until the restrictive legend has been removed from the certificate. Please speak with the transfer agent for the company who will be able to remove that restrictive legend. The transfer agent may not remove the restrictive legend without the issuer’s consent.
Once the restrictive legend has been removed and all conditions for the exemption have been met, please speak with your broker or financial advisor who can best assist you with the sale.
For more information about the conditions of the Rule 144 exemption, please click here.