Will my H1-B transfer be approved when my H4 visa is still in process?

Hello,

I was laid off while on H1-B visa and now I am in 60-day grace period which is close to getting completed. I am applying for COS to H4 visa which can take about 4 months to get approval.

Meanwhile, if get a job and an employer files for H1-B, will my new H1-B be approved while my H4 is still in process or before getting H4 approved?

Thank you.