Answer :
It's not true. An effective offer must result from a future purpose to contract, be specific, and be made known to the offeror.
The term "Effective Date" refers to any date on which the Registration Statement and any post-effective modification or modifications thereto were or were made. "Execution Time" refers to the date and time when the parties to this Agreement sign and deliver this Agreement, respectively. The definition of "Basic Prospectus" is the basic prospectus pertaining to the Securities listed in the Registration Statement as of the Effective Date.
"Prospectus" refers to the Basic Prospectus and the Prospectus Supplement together. "Registration Statement" refers to the Registration Statement mentioned in clause (a) above, along with any incorporated papers, Effective exhibits, and financial statements that were modified at the Execution Time. These rules under the Act are referred to as "Rule 415" and "Rule 424".
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