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One of my companies has filed a prospectus which lists a large number of insiders selling their stock (it's the end of the lock-up).

The questions I have are:

1. whether each of the individuals now is required to file a SEC 144 (planned sale) prior to actually selling OR does the prospectus filing allow them to sell first and file a form 4 latter?

2. Do prospectus have a defined time period afterwhich they must be renewed or up-dated? Are they simply a form that notifies the public of the lockup expiration?
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