A notice of the proposed sale of restricted or control securities.
Definition
Form 144 must be filed with the SEC by an affiliate of the issuer as a notice of intent to sell restricted stock (stock acquired in an unregistered, private sale) during any three-month period if the sale exceeds 5,000 shares or $50,000.
Why it matters for Whale Tracking
Form 144 acts as an early warning system. While Form 4 is filed *after* the trade is executed, Form 144 is filed *before* the proposed sale. It alerts the market that a massive block of shares is about to be liquidated.
Technical Nuance
Form 144 is a critical early indicator of insider selling activity. It is filed *before* the proposed sale, providing a heads-up to the market about potential upcoming supply. However, not all Form 144 filings lead to actual sales, as insiders may change their minds or market conditions may shift.
Track Form 144s Live
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Real-World Example
"An early angel investor in a tech firm decides to cash out $10M of their pre-IPO shares. They must file a Form 144 declaring their intent to sell, giving data terminals a leading indicator of incoming sell pressure."
Fundamental Quant Thesis
Go beyond the raw data. Read institutional-grade analysis on why sec-form-4 insiders are moving capital and the long-term structural impact.