"Under Rule 144(k), a person who is not one of the company’s affiliates at any time during the three months preceding a sale, and who has beneficially owned the shares proposed to be sold for at least two years, is entitled to sell shares without complying with the manner of sale, public information, volume limitation or notice provisions of Rule 144."
HAPPY 2-YEAR ANNIVERSARY EXPEDITE2 INVESTORS!!!!
From the Expedite2 S-1, registering the initial 9.97 million shares for the early investors (later swapped 1-for-1 with shares of JBII):
SELLING SHAREHOLDERS
The shares being offered for resale by the selling stockholders consist of the 9,697,375 shares of our common stock held by 249 shareholders of our common stock which were purchased pursuant by these shareholders in a private placement offering. The following table sets forth the name of the selling stockholders, the number of shares of common stock beneficially owned by each of the selling stockholders as of April 6, 2009 and the number of shares of common stock being offered by the selling stockholders.
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Rule 144 Shares
As of April 6, 2009, there are no shares of common available for resale to the public and in accordance with the volume and trading limitations of Rule 144 of the Act. After June 2009, the 100,000 common shares held by John Bordynuik will become available for resale to the public and in accordance with the volume and trading limitations of Rule 144 of the Act. After February 2010, the 37,000,000 shares held by John Bordynuik pursuant to the Exchange Agreement will become available for resale to the public and in accordance with the volume and trading limitations of Rule 144 of the Act. After February 2010, all of the shares of our common stock held by the 245 shareholders who were issued shares pursuant to the Exchange Agreement will become available for resale to the public. Sales under Rule 144 are subject availability of current public information about the company.
In general, under Rule 144 as currently in effect, a person who has beneficially owned shares of a company’s common stock for at least one year is entitled to sell within any three month period a number of shares that does not exceed 1% of the number of shares of the company’s common stock then outstanding which, in our case, would equal approximately 586,212 shares of our common stock as of the date of this prospectus.
Sales under Rule 144 are also subject to manner of sale provisions and notice requirements and to the availability of current public information about the company. Under Rule 144(k), a person who is not one of the company’s affiliates at any time during the three months preceding a sale, and who has beneficially owned the shares proposed to be sold for at least two years, is entitled to sell shares without complying with the manner of sale, public information, volume limitation or notice provisions of Rule 144.
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