{"stages":{"registered":"S-1 or F-1 on file, not yet effective.","expected":"SEC EFFECT notice and/or 8-A12B exchange registration observed — listing typically follows within days-to-weeks. This is an inference from filing signals, NOT a company-announced pricing date.","priced":"424(b)(4)/(b)(1) filed with parsed final terms.","withdrawn":"Form RW filed.","dormant":"No filing activity for 270+ days (kept for reference, not actively expected)."},"classification":{"ipoTest":"Front page contains 'initial public offering' and no-prior-public-market language; if the phrase is present without an explicit follow-on marker it is treated as an IPO.","followOnTest":"Front page cites an existing market price ('last reported sale price', 'the closing price of our ...') — 424(b) also covers follow-on offerings, which are excluded from the IPO pipeline.","spacFlag":"Blank-check / trust-account / initial-business-combination language."},"limitations":["EDGAR publishes no scheduled pricing dates; the 'expected' stage is signal-based inference.","Direct listings (no 424(b)) surface as long-lived 'expected' records, not 'priced'.","Price ranges from S-1/A amendments are not parsed in this build (null); a follow-up.","Term parsing failures set terms to null with parseError:true and are retried by the refresh cron."]}