Which of the following correctly states a requirement of firms regarding IPO prospectus delivery?

The correct choice highlights an important regulation regarding the delivery of a prospectus related to initial public offerings (IPOs). Specifically, for securities listed on a national exchange, the requirement is that the prospectus must be delivered for a period of 25 days following the IPO. This provision is in place to ensure that potential investors have access to critical information about the offering, which can help them make informed decisions before purchasing shares.

The focus on a specified delivery period, such as 25 days, reflects the regulatory goal of protecting investors by ensuring they have access to relevant information as soon as the stock begins trading publicly. Investors may need more time to analyze the offering, and this accessibility during the early trading period is essential for maintaining transparency and trust within the financial markets.

This requirement does not imply indefinite delivery nor suggests the prospectus can only be provided after the effective date or regardless of listing status, as other options might suggest. The timeline and the condition of being listed on a recognized exchange are strategic aspects of how the SEC regulates the communication of vital information to investors.