As I understand it, rule 144 has more to do with whether the company is a shell rather than if it's pink, so pinks can use rule 144 as long as they're not a shell. However, I believe shells can use 144 to issue, but the shares would remain restricted until cleared by an S-1.
This technicality is at the root of one of the problems with N. If I understand correctly, Jeff was issuing shares relying on rule 144 and then that had to be undone because it was illegal. Thus the restructuring of some of the debt and battle over whether shares could be free trading or not (with Owens, etc). It's also why the aged debt note that TF purchased was used to do conversions into shares so they could be free trading immediately.
I think you'll find with SNTL that those who have the newly issued shares are taking the risk that Seeker will be able to move forward with its business plans and file a S-1 as well as sign and execute contracts. They all know that with the current demand for shares that most of their shares would be worth less than even the .001 par value were they to be dumped on the market. To evidence that, just look at Q...
What anyone looking at this as an investment needs to decide is how big they want to go in and at what price. If one considers the entire OS of 600 million, that is a market cap of 30M at .05. That can't be justified with one $2M contract.
On the other hand, if one considers that the float is tightly held, and most pennies don't trade on valuation but rather on speculation and momentum, then this could be the bottom of a nice run based on that alone, or it could even be a great value if additional contracts are signed as anticipated. I see the possibility of a billion dollar market cap IF Mike can make his dream happen. I always have seen that, and that's why I follow it.
As I weigh my options, I see the possibility that the S-1 could be approved before more contracts are signed. If that happens, I would expect the sp to suffer as some of those discounted shares hit the market. It would be a great time to load up IF contracts are to follow.
If large contracts are signed before the S-1 is approved, then I'd expect a pretty nice run, and even with selling after the S-1, the market will probably absorb most of those shares that will be sold at higher prices, especially if those holding them decide to keep them since their value is appreciating rather than withering away. I know I have always had a hard time selling when the sp of any stock is rising...
IF contracts don't happen, we're all wasting our time and energy here...
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