Do securities of a not for profit need to be registered?
Reporting requirements of the 1934 Act
whose shares are traded on a national exchange, or
which has a least 500 shareholders in any one class and more than $10 million in assets
a red-herring prospectus may be missing certain information that is not yet available.
a tombstone advertisement can be placed before registration statement is effective. Only certain information may be included in the ad, such as the nature of the security, price, and the availability of a prospectus.