When must Form 144 be submitted to the SEC?

Form 144 must be submitted to the SEC on or before the day of the sale of the securities. This form is crucial for controlling the sale of restricted or control securities by allowing the SEC to monitor the resale of such securities in the marketplace. By requiring the submission on or before the day of sale, the SEC aims to ensure transparency and adherence to the regulations governing the trading of these securities.

Submitting Form 144 before the sale provides the necessary notice regarding the planned public sale of unregistered securities and helps prevent potential market manipulation or insider trading. The timing emphasizes the importance of compliance by securities holders, particularly for affiliates and insiders who may face strict limits on how much they can sell and under what conditions.