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.
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."