there's what's called a "Cooling off period,"

是一个所谓的"静默期"
when the security is in registration.

指证券注册时期
They file with the Securities and Exchange Commission

他们向SEC递交
a prospectus for this--a preliminary prospectus.

预披露招股说明书
This goes to the Securities and Exchange Commission

该步骤是为取得SEC的批文
for approval; it's not really approval of the issue,

这其实还不是发行批文
but it's registration of the issue.

而只是发行注册批文
The preliminary prospectus is called the "Red herring."

预披露招股说明书被称为"红鲱鱼"
The "Red herring"--it's lost in history why they call it that;

现已无从考证红鲱鱼这种叫法的来由
There's different theories about it.

目前关于它的说法不一
A herring, of course, is a type of fish

鲱鱼当然是一种鱼
and the best explanation that I can get for this name

据我所知对于预披露招股说明书