The formal underwriting agreement is signed:

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The formal underwriting agreement is signed on the last day before the registration statement becomes effective. This is typically referred to as the "effective date" and it marks the point at which the securities being offered can actually be sold to investors. Prior to this date, the underwriters and company have been working to finalize details of the offering, set the price, and prepare marketing materials for the road show. Once the formal underwriting agreement is signed, the underwriters are legally obligated to purchase the securities from the company and sell them to investors.

The Formal Underwriting Agreement Is Signed