We provide “turnkey” restricted stock service.
We prepare the required letters, draft the legal opinion, send documents to all participants to ensure completion, and we coordinate all of this with the Issuer the Transfer Agent and the Broker. We do it faster and we do it for a lot less money.
Below are responses to the most typical questions we receive. These rules only pertain to Non-Affiliates of the Company, Affiliates follow a slightly different procedure. Please contact us directly 802.862.8360, to discuss the specifics of your situation. It's Free, at least the talking is!!
Q: When can restricted shares be sold?
A. If you have held the shares for more than six months but less than one year, Rule 144 permits the public resale of restricted securities if certain conditions are met. Once you have held the shares for more than six months you can sell the shares at any time but must have the Legend removed first. We can help you remove the Legend.
Q: Who removes the Legend?
A: The companies stock transfer agent physically performs this service for a fee that ranges from $50 to $100) - but will only do so after obtaining permission of the corporation, receiving the opinion letter of counsel and a 144 letter, all of which we will provide. We work with all parties and obtain their approval to complete this process efficiently, quickly and, we charge much less than corporate counsels.
Q: How soon can I trade my shares after the six month holding period?
A: This varies with every brokerage firm. Some allow a trade to be entered immediately upon receipt of opinion letter of counsel but will hold proceeds until the Rule 144 process is complete. Others will want the process completed before a trade is allowed. Ask your broker what their policy is. If you don't have a Broker let us know.
Q: How long does this entire process take?
A: If coordinated properly, the process normally takes 1-2 weeks. The Shareholder completes the required forms supplied by their brokerage firm and the additional information we require. We then prepare the Opinion Letter, send a copy to the broker, transfer agent and the issuer. In the absence of a broker we will supply the shareholder the appropriate Brokers Representation form letter.
Q: Why do issuers use our service?
A: For one low fee, we can spare a company’s Corporate Counsel’s retainer and the resources of Inside Counsel. We offer the best “turnkey” service to restricted shareholders, promptly answer inquiries, provide opinion services, and monitor the Rule144 process. Issuer’s retain control and authority over the acceptance or denial of the opinion letter of counsel.
Q: Can we work with any public U.S. corporation?
A: Yes! We can assist any issuer of securities in US Corporations.
Q: How is billing done?
A: We accept wire transfers or you can pay by credit card.