After a registration statement has been filed with the SEC, no offers to sell the security to the public can be made for:

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After a registration statement has been filed with the SEC, no offers to sell the security to the public can be made for minimum of 20 days unless the SEC grants an exception and declares the registration statement effective sooner. The security cannot be offered for sale until the SEC has declared the registration statement effective, and should the SEC find that it requires more information from the issuer, it may be take longer than 20 days for it to declare the statement effective.

After a Registration Statement Has Been Filed with the SEC