No, but he does have to fill in the blanks once the SEC declares it effective, and as I mentioned in a previous post the company would have to had submitted a brief on what it anticipates selling, and the justification behind it. Again, the SEC does look out for shareholders, and would unlikely provide the Company a first go starting at $0.50.
That said, the "next offering" after the initial 180 days could see shares increased and PPS lowered. Filing this addendum would not require SEC approval, yet would require disclosure for the adjustment of terms.
This is why I mentioned that the disclosure (whether to the SEC or to FN) would more than diminish investor appetite for the stock, and likely dry up the market, even at $0.50.
Not sure if the Company can afford going back to "business as usual" without wearing kid gloves throughout the process.
