Will H-4 extension affect the H1-B application

Before I coming to US I have both H1B and H4 visas with me. I used my H4 visa to enter in to USA. Now I got a new employer in USA and H1B activation and transfer is in progress and that petition is in “Initial Review” status. Can I file the H4 extension now. If my H4 extension got approved after my H1B got activated and transfered, will my H4 affect the H1B.

Thanks in advance.