8.1. Preparation

After filing the registration statement, the lead underwriter turns its focus to the marketing efforts that will enable it to hit the ground running with the actual offering once the registration becomes effective. Usually, it will provide to the other distribution participants an internal sales memorandum it prepared during the pre-filing period, highlighting the key selling points of the offering. The internal sales memorandum is stamped with a legend identifying it as intended for internal use only, and it should not be distributed outside t