Preliminary Prospectus (Red Herring)
The preliminary prospectus is the prospectus that is filed with the SEC for review. It will contain almost all the same information as the final prospectus, but it will not contain the public offering price because this is typically set the night before the offering. To see the detailed information that is included in the preliminary prospectus, see the next section on the final prospectus.
The SEC will have 20 calendar days to determine whether the document has the necessary and proper disclosure. If the SEC finds that the preliminary prospectus contains material omissions or misleading information, the SEC will issue a stop order and suspend the process to wait for a rewrite. The issuer will then file an