Under SEC Rule 144, if you are not an employee of iFinix and have held the restricted securities for at least one year, you can sell the securities without regard to conditions. However, there is a process to comply with, the restriction does not lift automatically after two years.
Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend [the red stamp on the back of the stock cert]. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restricted legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and execute the trade in the marketplace.
To begin the process, an investor should contact the company that issued the securities, or the transfer agent of the company's securities, to ask about the procedures for removing a legend. Since removing the legend can be a complicated process, it would be wise for you to consult an attorney who specializes in securities law.
Once the legend has been removed, the holder will be issued a new stock certificate for common shares.
The restriction is not automatically lifted due to the fact that you must request the legend be removed. This involves an attorney or paying your broker a fee to convert the restricted shares. I am with TD Ameritrade and they told me it would cost me $50.
News 
Market Data 
Discover 
AI
