Yolanda has filed the registration statement, in connection with a public offering of stock in ABC Corgi, a company dedicated to the production of clothing and toys highlighting the highly prized Welsh Corgi breed of dog. The registration statement is not yet effective. Yolanda would like to move forward with promoting the company as much as possible. She asks for advice regarding activities in which she could legally participate. She is particularly interested in making presentations to large institutional investors.

Refer to Fact Pattern $21-3.$ Which of the following is true regarding Yolanda's situation?

Because she is in the active period, no sales of securities are allowed.

During this quiet period, offers to buy may be accepted.

During this waiting period, so long as requirements are met, she may solicit offers to buy securities but may not accept them yet.

During this quiet period, no sales of securities are allowed; and the red herring may not be distributed