Question for the board:
It's my understanding that shares issued in a Pipe are restricted and not available for sale for a year or six months from date of issuance, contingent on whether the company is reporting and current or not (oversimplified).
It is also my understanding, under certain circumstances, that should the restricted shares be transferred, the holding period for the new holder is considered to have begun on the date of issuance to the original shareholder.
The question:
If a CEO returns shares to the company which were restricted when issued 2 years prior and hence are beyond the restriction period, can those shares be re-issued in a Pipe as unrestricted shares?
TIA.
It's morally wrong to allow a sucker to keep his money.......Cuthbert J. Twillie
