The discussion is whether a private company can issue Rule 144 shares. Your definition of Rule 144 stock gives the conditions needed in order to sell Rule 144 stock, not issue the stock. Of course the stock couldn't be sold until the company goes public. Duh....
Definition of 'Rule 144'
A Securities and Exchange Commission rule that sets the conditions under which restricted, unregistered and control securities can be sold. These are the five conditions that must be met for these securities to be sold:
1. The prescribed holding period must be met.
2. There is an 'adequate' amount of current information available to the public regarding the historical performance of the security.
3. The amount to be sold is less than 1% of the shares outstanding and accounts for less than 1% of the average of the previous four weeks' trading volume.
4. All of the normal trading conditions that apply to any trade have been met.
5. If wishing to sell more than 500 shares or an amount worth more than $10,000, the seller must file a form with the SEC before the sale.
Better to light a candle than to curse the darkness - Chinese Proverb
GeckoSystems Intl. Corp. (GOSY)
Stock Trading Info: