A listed company files an automatic shelf registration statement and wishes to conduct a follow-on offering in two months. Which of the following is a benefit of using the shelf registration?

1. ACompany can offer and sell securities on a delayed or continuous basis without additional SEC review for each takedown✓ Correct answer
2. BThe offering price is fixed at the time the shelf registration is declared effective.
3. CThe company must complete all sales within 30 days of the shelf becoming effective.
4. DShelf registration statements cannot be used for secondary offerings.

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