DD Support Board and Research Team

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By Rule yes. However, it has been known that if you own 11% and have no affiliation, some have circumvented the resale restrictions. But 99% of the time yes.

Now, even if you purchased free trading shares through Chuck or Merrill in the open market and passed 10%, they all become restricted securities and are subject to resale resale restrictions. They become free trading as soon your position falls below 10%.

SOP by B/Ds

As far as issued stock by the issuer that is not registered, they are subject to Rule 144 resale restrictions either way.