USRF - Wireless Internet Access Message Board

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Microcap & Penny Stocks : USRF - Wireless Internet Access

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To: Margo Blade who wrote (842)	5/9/1999 8:09:00 PM
From: JLIHAI	Read Replies (1) of 956

OT You had a question before about IPO time lines. Here is the explanation offered by the 7th edition of the Securities Licensing Exam training manual: After the issuer files with the SEC for registration of the securities, a cooling-off period ensues before the registration becomes effective. If approved, the registration can become effective as soon as the 20th calendar day following the day the SEC receives it. In practice, however, the cooling-off period is seldom 20 days; the SEC usually takes longer to clear registration statements. Author's note: Bureaucratic tie-ups in a government organization? What a concept. ....back to business.... If it finds that the registration statement needs revision or expansion, the SEC may suspend the review and issue a deficiency letter. The 20-day cooling off period resumes when the issuer submits a corrected registration statement. Because of the time it takes to make additions and corrections, the cooling-off period can in fact last several months. My thoughts: You can't tell what is going on behind the scenes in terms of revisions, There has been a flood of IPO's lately; the SEC may be backed up with smaller offerings being perhaps lower priority.

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