Which of the Following Correctly Describes the Sequence of Events

Which of the following correctly describes the sequence of events in a new issue?

A) Distribution of "red herring"; approval of the board of directors; distribution of prospectus; sale of securities.
B) Approval of the board of directors; distribution of prospectus; distribution of a "red herring"; sale of securities.
C) Distribution of "red herring"; distribution of prospectus; approval of the board of directors; sale of securities.
D) Approval of the board of directors; distribution of a "red herring"; distribution of prospectus; sale of securities.
E) Approval of the board of directors; distribution of prospectus; sale of securities; distribution of a "red herring".