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Friday, May 11, 2018 11:39:51 PM
are subject to the resale restrictions imposed by Rule 144 under the 33 Act, which generally means that such shares are not tradable at all for one year, and thereafter limited to an amount of 1% of the outstanding class of shares in any three month period.[9] Only two years after the acquisition do shares held by non-affiliates become freely tradable
The shares held by the shareholders of the Public Shell might have been previously registered. However, typically a majority of these shares are held by affiliates of the Public Shell and are therefore, as will be described below under (c), not freely tradeable either.
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