Overview

• The SEC says staff cannot declare registration statements effective, process post-effective amendments or qualify Form 1‑A offering statements during the funding lapse.
• Electronic filing systems including EDGAR, IARD and PFRD remain operational, and shutdown days still count as business days for all filing deadlines.
• Limited personnel are addressing fee questions and emergency relief via [email protected] and [email protected], with new filer codes and password resets handled on a delayed basis.
• Some offerings can proceed through prospectus supplements for WKSIs and issuers with already effective shelves, while removing a delaying amendment to seek Section 8(a) auto‑effectiveness after about 20 days carries legal and antifraud risks.
• IPO calendars are stalling as roadshows and pricings pause, financial statements risk going stale within 135 days, and Nasdaq has indicated it may list if SEC comments are cleared and listing requirements are met.