Pursuant to recent SEC amendments, certain Form 144 filings must be made on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Affected filers have until April 13, 2023 to transition from paper to electronic filing of Form 144.
When must a 144 be filed?
Form 144 must be filed with the SEC at the time the sell order is placed with the broker if the seller is an affiliate and intends to sell more than 5,000 shares or securities with a value in excess of $50,000.
Is Form 144 required?
Rule 144 applies to the sale into the public securities market of restricted stock by anyone and of unrestricted stock sold by a controlling person (affiliate) of an issuing company. Sales into the public market involve a brokerage firm and are not face-to-face sales negotiated between a seller and a buyer.