Island tours has been an Exchange Act reporting company since going public three years ago. Island tours recently sold an additional 5 million in common stock through a regulation D private placement to a 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 other affiliation with island tours, also purchased 100,000 shares. Suppose skipper resells the 100,000 shares he purchased in island tours private placement after a 14-month holding period two professor, an outside investor, through an unsolicited brokerage transaction. Island tours is currently in all its SEC filings. What if, one month later, professor resells the securities to another outside investor on NASDAQ?