Alert: Rule 144 Final Release Out; Shell Holders Can Sell in One Year
By David Feldman at 6 December, 2007, 8:35 pm
Today the SEC published the final Rule 144 release. I have not yet read it fully. It takes effect 60 days after publication in the Federal Register, which presumably will be soon.
The big news: Worm/Wulff is officially lifted. They did change from their original proposal and now will allow former holders of shell shares the right to sell after one year following a merger and release of “Form 10 information.” This is still huge, as holders now have an exit that was previously cut off.
The other big news: The new Rule 144 changes, including the new six month holding period, are retroactive and apply to securities acquired before or after the effective date of the changes.
More after I have read the whole thing in a few days.
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