PG, rule 144 holding period was reduced to one year from two, so holders (of unregistered shares) could sell any time after April 29, 1997 (the effective date in the rule change. or was it the 28th?) subject to volume limits if applicable. This applies to anyone who received unregistered shares (purchases, grants, whatever) including the founders, other employees, VC backers, etc. They would not have to wait, however, if the company filed a registration statement covering those shares. Yahoo!, for example, file a S-3 on 11/5/97 to register the shares issued to Four11 shareholders thereby allowing them to sell those shares any time they wish. They also filed a S-8 on 10/30/97 covering the shares granted under the 1995 Option Plan and the Four11 Option Plan so that holders of those shares could sell, limited of course to vested shares.
Bob |
