Restricted stock = unregistered stock (from Reg D, Reg S, etc.), legended against resale. Public resale requires a holding period — 6 months for '34 Act reporting issuers, 1 year for non-filers — plus adequate disclosure. The clock starts at acquisition when fully paid; delisting and put options do NOT reset it; interim registration removes it. The disclosure requirement has no holding period, so Rule 144 can be used at an IPO if the period is met.

Control stock = shares held by affiliates (officers, directors, >10% owners). The dribble rule limits affiliate sales in any 3-month window to the GREATER of 1% of outstanding shares or the 4-week average weekly trading volume (OTC: 1% only). Form 144 is filed when selling >5,000 shares OR >$50,000 in 3 months — via EDGAR by 10 PM ET on or before the first sale date, opening a 90-day sale window. Affiliate sales also trigger Form 4 within 2 business days. Rule 144 is for resales — issuers never raise money with it.