In connection with the company’s direct listing of its common stock on Nasdaq, please refer to the below guidance on the steps required to transfer the shares into your brokerage account and remove the restrictive legend, making the shares free-trading.
If you have any questions, please visit VStock’s website at www.vstocktransfer.com, email action@vstocktransfer.com, or call 212-828-8436.
Removing the Restriction and Transferring Your Shares (DRS)
If you wish to remove the restrictive legend and deposit your shares into a brokerage account, you may do so via DRS (Direct Registration System). We recommend confirming with your broker that they are able to accept DRS deposits.
Please note:
- VStock is a limited participant. After your instructions are processed, your broker must submit a corresponding DRS request before the shares can be delivered.
- A legal opinion authorizing legend removal is already on file for this issuer; no additional opinion is required.
- DRS deposits can only be made into a brokerage account registered exactly the same as the registration on our records.
- No stock certificates are involved in this process.
DRS Transfer Requirements
- DRS Transfer Instruction Form
- The completed form may be emailed or faxed to our office.
- Medallion guarantees are not required for DRS deposits.
- If there is no change of ownership, please write “move original basis” in the transfer/sale price field.
- If the shares are being sold or deposited into another party’s account, the IRS requires disclosure of the sale price per share.
- Fees
- Total: $120
- $10 cancellation
- $35 legend removal
- $75 DRS issuance
- Payment should be made at https://pay.banquest.com/vstock2
- Wire payments are accepted subject to an additional $17 fee.
Once the DRS statement is issued, the broker must submit a matching DRS request in order to receive the shares.