Final answer:
For shelf registration, companies need to submit a prospectus to the SEC before each sale. This includes financial statements and other details that inform investors. Prior to the sale, they must also file a prospectus supplement with specific details of the sale.
Step-by-step explanation:
For shelf registration, also known as Rule 415 under the Securities Act of 1933, companies must submit to the Securities and Exchange Commission (SEC) a prospectus before each sale. This prospectus includes detailed information about the offer, such as the terms of the securities being offered, the company's financial statements, and other relevant data that would allow potential investors to make an informed decision. Before the actual sale of securities from a shelf registration, a company must also file a supplemental prospectus, often referred to as a "prospectus supplement," which updates the information and includes the specific details of the sale, like the number of securities and the price.