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Gary J. Ross on Panel for American Bar Association Business Law Section event “Resales of Restricted Securities in Privately-Held Companies”

by | Feb 26, 2021

Gary J. Ross participated in a CLE webinar for the American Bar Association examining the existing regulatory framework around “restricted securities,” and the avenues available for their sale, including the Rule 144 safe harbor and other exemptions. Gary discussed the so-called “Section 4(a)(1 1/2)” exemption, the more recent Section 4(a)(7) exemption, and blue sky considerations in general in connection with securities resales. The program also addressed the role of intermediaries in facilitating these transactions and interesting issues involving resales of shares in pre-IPO “unicorn” companies. The panel also discussed the contractual restrictions that issuers often place on the transfer of restricted securities and opinion considerations.

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