Privately placed common stock that cannot be immediately resold.
Privately placed common stock, so-called because the SEC requires a letter from the purchase stating that the stock is not intended for resale.
Privately placed common stock, so-called because the SEC requires a letter from the purchaser stating that the stock is not intended for resale. 
Privately placed common stock, so-called because the SEC requires a letter from the purchaser statin
[n] - stock that has not been registered with the Securities and Exchange Commission and cannot be sold to the general public
noun stock that has not been registered with the Securities and Exchange Commission and cannot be sold to the general public