Rule 144 Resale Opinion Letter


Summary

This form is a legal opinion letter for use when a stockholder sells restricted securities or control securities (i.e., securities held by an affiliate of the issuer of the securities) in reliance on the safe harbor from registration provided by Rule 144 (17 C.F.R. § 230.144) under the Securities Act of 1933, as amended (Securities Act). This form includes drafting notes and links to practical guidance. Affiliates relying on Rule 144 must comply with all the requirements of the rule (except, for resales of control securities, the holding period requirement) for sales made at any time. Consequently, a legal opinion letter will typically be required by an issuer's transfer agent or the issuer itself if it does not have a transfer agent, for any such sale. Because non-affiliates are subject only to the holding period and public information requirements of Rule 144 (and, after satisfying a one-year holding period in compliance with Rule 144(d), need no longer comply with any of the rule's ...