Timeframe to Go Public.

2. Preparation of the registration statement:

Preparing the registration statement to be filed with the SEC requires a complete review of all corporate and financial books, records and documents. The better organized companies are able to provide all of the necessary documents upon request. The review itself can take a few days to few weeks. Once complete, the registration statement can be drafted normally within two to eight weeks. Usually, the registration statement is done before the financial audits. Once the financial audits are complete, they are integrated into the registration statement and filed with the SEC.

3. The SEC review process:

Once the registration statement is filed with the Securities and Exchange Commission, the review and comment phase follows a certain path. Generally, the SEC will review the initial filings and will respond with comments in approximately 30 days. At that point, the company and its advisors are responsible for addressing each of the comments. This could take several hours to several days, depending on the nature of the comments. Once the response is completed, a revised registration statement is filed with the SEC. The review and comment process continues until the SEC is satisfied. This normally takes between 60 days and 120 days, but could last materially longer - depending on the company and its advisors.

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