6.1.6. The Post-Effective Period
The post-effective period is the period that begins on the effective date, which is the date that the registration statement is allowed by the SEC to become effective. After the effective date, the offering may officially begin. The date on which the formal start of the offering occurs is called the offering date. While the offering date typically follows close on the heels of the effective date, they are not the same thing. There are still a few things to be done between the effective and offering dates, including:
• Bring-down due diligence. Recall that due diligence begins early in the pre-filing period, when the lead underwriter and issuer sign a letter of intent. Circumstances can change between this initial due diligence and the beginning of the offering. Just before the offering date, the underwriter confirms that the information discovered or verified by previous due diligence is still valid. This is known as bring-down due diligence.
• Pricing call. Up to this point, the public offering price—the price at which the offering will be sold to invest
