A 'Quiet period' can always be assumed when a Prim
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A 'Quiet period' can always be assumed when a Primary Offering S-3 is awaiting approval by the SEC.
It goes back to the Securities Act 1933, and was significantly loosened by the SEC in 2005.
In particular it applies to an IPO and any follow-on offering, which an S-3 or F-3 would be considered.
An example was the Google IPO, which was delayed because company execs gave a Playboy interview.
What is restricted is publicity. But factual information and forward looking information could still be released.
For example the Cellceutix 10-Q was released, as were the PRs "Cellceutix Reports In Vivo Tumor Shrinkage in Renal Cancer' and "Cellceutix Abstract for Annual American Society of Clinical Oncology Meeting".
So there was hardly a news blackout during the period. It would be a subject of interpretation what can and can not be done during this period. It is more a practice than a rule, to avoid a situation in which the SEC delays approval of the Primary Offering S-3 approval.
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