H1-B Cap Gap
Per the April 8, 2008 Interim Final Rule, an F-1 student currently on OPT who is the beneficiary of a timely-filed H-1B petition subject to the cap will have duration of status and OPT employment authorization extended to an employment start date of October 1.
The extension for “cap gap” status and work authorization officially commences on the date of filing the H-1B (the date received by USCIS), not the receipt date.
The automatic extension terminates when USCIS rejects, denies, or revokes the H-1B petition. However, the student would have a grace period after the termination during which the student is authorized to remain in the United States for up to 60 days to prepare for departure from US, change degree level, transfer, change status, etc. as long as the student has not otherwise violated status.