A prospectus that is issued without disclosure of the number of securities being offered or, in an initial public offering (IPO), the estimated or indicative price range. In other words, a pink-herring prospectus does not yet include a bona fide price range (in the case of an IPO), or otherwise does not comply with securities trading rules. And since it does not yet meet the requirements of disclosure, it cannot be used to solicit customer orders. However, a pink-herring prospectus can be used in connection with lawful emerging growth company (EGC) testing-the-waters activities.