Question
Island tour has been an Exchange Act reporting companies since going public three years ago. Island tours recently sold an additional 5 million of common
Island tour has been an Exchange Act reporting companies since going public three years ago. Island tours recently sold an additional 5 million of common stock through a regulation D private placement to several accredited investors. In the private placement, Skipper, the CEO purchased 100,000 shares at $10 per share and MaryAnn an outside investor with no affiliation with island tours, also purchased 100,000 shares. Does Rule 144 permit the following resales? Marianne wants to resell her 100,000 shares 13 months after the private placement. Assume that the island tours is late and has not yet the filed the required Form 10-K with the SEC. Problem? Suppose island tours is not an exchange act reporting issuer. Marianne resells now after 10 months. is this, OK?
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