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Microcap & Penny Stocks : THNS - Technest Holdings (Prev. FNTN)
THNS 0.00Jun 7 5:00 PM EST
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To: Jim Porter who wrote (3758)8/18/1998 4:49:00 PM
From: Radim Parchansky  Read Replies (3) of 15313
 
From SEC rules:

The Basics of Rule 144

Rule 144 is used for sales of restricted stock by any person and for sales of restricted and non-restricted stock by or for the account of an affiliate. The conditions contained in Rule 144 with which one must comply in order to meet the safe harbor for non-underwriter status concern available information, the length of time the person has owned the securities, and the amount of securities sold. First, public information regarding the issuer, i.e., reports periodically filed with the S.E.C. by reporting companies, must be available. Second, generally, the seller must have owned the securities for at least one year. There are extensive rules concerning when one may "tack" onto his own holding period the length of time a previous owner held the securities. Also, for holding period purposes, securities are not fungible. The holding period requirement does not apply to affiliates selling unrestricted securities. Third, one may only sell under the Rule in any three-month period an amount equal to the greater of 1% of the outstanding shares of the issuer or the previous four-week period's average weekly trading volume of the issuer's securities. The sale must also be through a broker or market maker.


flemingoneill.com
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