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Instant access to fillable Microsoft Word or PDF forms. Minimize the risk of using outdated forms and eliminate rejected fillings.Testingthewaters communications may solicit nonbinding indications of interest but may not solicit a binding commitment or customer order. General solicitation permitted provided that all purchasers are accredited investors. "Testing the waters" permitted before and after filing Form 1-A. What does "test the waters" mean? "Testingthewaters" Communications Exempt Offerings. The filing of an offering statement with the SEC, Rule 206 only permits issuers to testthewaters before the Form C is. Solicitation of Interest (Test the Waters)(''NASAA's. Solicitation of Interest (Test the Waters)(''NASAA's.