| Form
144 |
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Also
known as Rule 144, this is a form which must be filed with the SEC
when an executive officer, director or affiliate of a company places
an order to sell that company's stock.
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There
are five basic requirements to sell under 144:
-The form must be filed properly.
-Adequate current public information must be available. For example,
required reports such as the 10K and 10Q forms must have been filed
with the SEC.
-Volume limitations have to be met. One limitation is the sale must
not be greater than 1% of outstanding shares.
-The transaction must be made by a stockbroker in accordance with
certain procedures and rules.
-If the securities are restricted they cannot be sold until one year
after the date the affiliate paid the entire purchase price.
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