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Under the United States SEC's Rule 144, investors can resell securities after one year (or six months if the company is a reporting company) as long as the issuer allows it.

But to who can they resell it? Anyone? If so, why register securities with the SEC at all, when liquidity to the public markets can be unlocked after a year?

In the answer, I would like to see practical considerations and repercussions for both the issuer and the investors if they sell to unaccredited investors in the USA after a one-year lockup.

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