The US Securities and Exchange Commission (SEC) requires that Form 144 filings be made electronically via EDGAR, commencing April 13, 2023.  Currently Form 144 may either be mailed to the SEC or submitted electronically via EDGAR. For more information on the electronic filing requirements for Form 144, see our prior blog post.

In connection with the mandatory electronic filing requirement, the SEC has extended the filing hours for Form 144 from 5:30 p.m. to 10 p.m., Eastern Standard Time or Eastern Daylight Saving Time, whichever is currently in effect, on SEC business days.  The new filing hours become effective on effective on March 20, 2023.

Rule 144 is an SEC safe harbor from the registration requirements of the Securities Act of 1933 for resales.  Form 144 is a notice of a sale of securities pursuant to this safe harbor.

The SEC also adopted technical amendments to enhance the consistency of recently revised provisions related to the filing format of Form 144.

Persons who sell securities pursuant to Rule 144 should be preparing for the mandatory electronic filing of Form 144.  The SEC has a resource page available on its website detailing procedures for Form 144 electronic filings.

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